The Long View

Our guest on the podcast today is Wade Pfau. He is professor of retirement income in the Ph.D. in financial and retirement planning program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and RICP program director at the American College. Pfau has written several books, including his most recent, Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. He hosts the Retirement Researcher blog and is a regular contributor to Advisor Perspectives, MarketWatch, and Forbes. Pfau holds a doctorate in economics and a master's degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a Chartered Financial Analyst.BackgroundBioRetirement Planning Guidebook: Navigating the Important Decisions for Retirement Success, by Wade PfauWade Pfau booksWade Pfau blogs posts on Retirement ResearcherRetirement Income StrategiesAlex Murguia“Selecting a Personalized Retirement Income Strategy,” by Alejandro Murguia and Wade Pfau, Retirement Management Journal, Dec. 1, 2021.“Determining Your Retirement Income Style,” by Wade Pfau, financialplanningassocation.org, 2021.“Two Philosophies for Retirement Income Planning Part One: Probability-Based,” by Wade Pfau, forbes.com, Dec. 18, 2019.“What Is a Safety-First Retirement Plan?” by Wade Pfau, retirementresearcher.com.“The RISA Framework: A Systemized Approach to Personalizing Retirement Income Strategies for Clients,” by Wade Pfau and Alex Murguia, kitces.com, April 20, 2022.Inflation and Other Risk Factors“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021.“Inflation, Deflation, Confiscation & Devastation—The Four Horsemen of Risk,” by Wade Pfau, retirementresearcher.com.“Wade Pfau: TIPS and Annuities Good Bets When Inflation Is High,” by Ginger Szala, thinkadvisor.com, March 31, 2022.“The Changing Risks of Retirement,” by Wade Pfau, retirementresearcher.com.“The Four Approaches to Managing Retirement Income Risk,” by Wade Pfau, papers.ssrn.com, Dec. 31, 2019.“Don’t Panic on Sequence of Returns,” by Amy Arnott, Morningstar.com, May 16, 2022.Withdrawal Rates“Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View Podcast, Morningstar.com, April 29, 2020.“Retiring Soon? Why the Popular 4% Withdrawal Rule May Be a Bad Idea,” by Greg Iacurci, cnbc.com, April 13, 2021.“What Is the ‘Retirement Spending Smile?’” by Wade Pfau, retirementresearcher.com.Annuities“Retirement Income Strategies With Annuities,” by Wade Pfau, retirementreseacher.com.“Wade Pfau Takes a Balanced Look at a Retirement Product Some Advisors Love to Hate,” by Ed McCarthy, thinkadvisor.com, July 22, 2022.“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 21, 2022.“Are Annuities Too Expensive?” by Wade Pfau, linkedin.com, July 2, 2021.Long-Term Care“Costs and Incidence of Long-Term Care,” by Wade Pfau, retirementresearcher.com.“Managing Long-Term Care Spending Risks in Retirement,” by Wade Pfau and Michael Finke, lecp.naifa.org, Jan. 7, 2020.“Hybrid Long-Term Care Insurance Policies,” by Wade Pfau, retirementresearcher.com.Other“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen Now: Listen and subscribe to Morningstar's The Long View from your mobile device: Apple Podcasts | Spotify | Google Play | StitcherOur guest on the podcast today is Jordan Grumet. He is a physician and an associate medical director at JourneyCare Hospice. He also hosts the popular “Earn & Invest” podcast, which he launched after years of blogging about financial independence and wellness at the website DiverseFI.com. His latest book is called Taking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life. In it, he shares lessons that he has learned from interacting with patients during the last parts of their lives. He received his undergraduate degree from the University of Michigan and his medical degree from Northwestern University.BackgroundBio“Earn & Invest” podcastTaking Stock: A Hospice Doctor’s Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, by Jordan GrumetDiverseFI.comFIRE MovementJim Dahle, The White Coat Investor“Jim Dahle: ‘Income Is Not Wealth,’” The Long View podcast, Morningstar.com, Sept. 2, 2020.“Coping With FIRE,” by Jordan Grumet, earnandinvest.com, June 5, 2021.Other“The Opportunity Cost Fallacy,” by Jordan Grumet, diversefi.com, June 5, 2018. 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 Larry Siegel. He is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research for the Ford Foundation's investment division for 15 years. Siegel began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and TheJournal of Investing. Siegel is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. He earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago Booth School of Business.BackgroundBioUnknown Knowns: On Economics, Investing, Progress, and Folly, by Laurence SiegelFewer, Richer, Greener: Prospects for Humanity in an Age of Abundance, by Laurence SiegelResearch"Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance," by Roger Ibbotson, Moshe Arye Milevsky, and Kevin Zhu, ResearchGate, January 2007.Popularity: A Bridge Between Classical and Behavioral Finance, by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, Jan. 15, 2019."Bursting the Bubble—Rationality in a Seemingly Irrational Market," by David F. DeRosa, SSRN, April 29, 2021."Equity Risk Premium Forum: Don’t Bet Against a Bubble?," by Paul McCaffrey, CFA Institute, April 8, 2022.The Myth of Artificial Intelligence: Why Computers Can't Think the Way We Do, by Erik Larson, April 6, 2021."Value Investing: Robots Versus People," by Laurence Siegel, larrysiegel.org, June 30, 2017.Endowments and Investing Lessons"Don't Give Up the Ship: The Future of the Endowment Model," by Laurence Siegel, larrysiegel.org, April 7, 2021."Where's Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach," by M. Barton Waring and Laurence Siegel, larrysiegel.org, April 21, 2022."Debunking Nine and a Half Myths of Investing," by Laurence Siegel, larrysiegel.org, March 12, 2020.Inflation"Protecting Portfolios Against Inflation," by Eugene Podkaminer, Wylie Tollette, and Laurence Siegel, The Journal of Investing, April 2022."The Novelty of the Coronavirus: What It Means for Markets," by Laurence Siegel, larrysiegel.com, April 1, 2020."Will Demographic Trends Drive Higher Inflation and Interest Rates?" by Laurence Siegel, larrysiegel.com, Feb. 10, 2021.Other"Cliff Asness: Value Stocks Still Look Like a Bargain," The Long View podcast, Morningstar.com, May 31, 2022."Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning," The Long View podcast, Morningstar.com, June 7, 2022.TranscriptJeff Ptak: Hi, and welcome to The Long View. I'm Jeff Ptak, chief ratings officer for Morningstar Research Services.Christine Benz: And I'm Christine Benz, director of personal finance and retirement planning for Morningstar.Ptak: Our guest this week is Larry Siegel. Larry is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research at the Ford Foundation's investment division for 15 years. Larry began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and The Journal of Investing. Larry is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. Larry earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago, Booth School of Business.Larry, welcome to The Long View.Laurence Siegel: Thank you.Ptak: Thank you so much for joining us. We're really excited to chat with you. I wanted to start with your early career. You worked for Roger Ibbotson early in your career. In fact, you were Ibbotson's first employee if I'm not mistaken. Talk about Roger's influence on you and more broadly, the impact he has had on our understanding of markets and investing.Siegel: Roger was not only my first boss, he was my first finance professor at the University of Chicago. So, I got fed the Ibbotson—and to give credit where it's due, to Sinquefield—view of the markets early. I was 21 years old. And I would describe that view as that asset classes are what's important; that security, individual securities, are best viewed as components of asset classes, altho

Our guest on the podcast today is Justin Fitzpatrick. Justin is the co-founder and chief innovation officer at Income Lab, which provides retirement planning software. Before co-founding Income Lab, Justin spent over 15 years in financial services, leading teams in advanced financial planning and portfolio strategy and managing the development of financial technology tools. Prior to his work in financial services, Justin spent seven years in academia. He has taught at the Massachusetts Institute of Technology; Harvard University; Queen Mary, University of London; and the University of California, Los Angeles. Justin is a Chartered Financial Analyst charterholder and a Certified Financial Planner professional.BackgroundBioIncome LabIncome Lab LinkedIn PageSequence Risk and Spending Rules“Will Higher Inflation Harm Retirees?” by Justin Fitzpatrick, advisorperspectives.com, Feb. 14, 2022. “How the 4% Rule Undermines Advisors and Clients,” by Johnny Poulsen, advisorperspectives.com, Oct. 25, 2021.“Rethinking Risk in Retirement Planning,” by Justin Fitzpatrick, thinkadvisor.com, Oct. 1, 2021.“Retirement Withdrawal Rates Alone Are Misleading. Here’s Why,” by Justin Fitzpatrick, financial-planning.com, Jan. 21, 2022.“Reducing Retirement ‘Outrage’ Risk With Adjustment-Based Planning and Communication,” by Justin Fitzpatrick, kitces.com, May 19, 2021. “How to Use Economic Context in Retirement Income Decision-Making,” by Justin Fitzpatrick, kitces.com, June 1, 2022.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.com, May 2014.“The Retirement Distribution ‘Hatchet’: Using Risk-Based Guardrails to Project Sustainable Cash Flows,” by Derek Tharp and Justin Fitzpatrick, kitces.com, Nov. 24, 2021.“The Transformative Value of Retirement Planning as an Ongoing Service,” by Justin Fitzpatrick, incomelaboratory.com, 2020.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com. “A Dynamic Approach to Decumulation Planning,” Fintech Impact podcast with Jason Pereira, incomelaboratory.com, July 6, 2022. Portfolio Construction, Housing, and Annuities“’Next-Gen’ Retirement Planning Tool for Advisors Launched by Income Lab,” by Brian Anderson, thewealthadvisor.com, June 29, 2022.“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement, by Wade PfauRobert C. Merton“David Lau: Taking High Commissions Out of Annuities,” The Long View podcast, Morningstar.com, June 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 Tim Ranzetta. Tim is the co-founder of the nonprofit Next Gen Personal Finance, which provides free curricula, professional development, and advocacy tools to more than 40,000 teachers who reach 75% of high school students in the U.S. The goal of Next Gen Personal Finance and its community of teachers is for all high school students to take at least one stand-alone one-semester course focusing on personal finance by the end of 2030. Prior to founding NGPF, Tim co-founded several companies, including Equilar, a compensation and corporate governance research firm; and Student Lending Analytics, a student loan research firm. He began his career as a management consultant at Bain & Company. He graduated from the University of Virginia with a Bachelor of Science degree in commerce and received his MBA at the Stanford Graduate School of Business.BackgroundBioNext Gen Personal FinanceEastside College Preparatory SchoolWhat Works in Financial Education Interactive: The Financial Times’ The Uber Game“Financial Education Affects Financial Knowledge and Downstream Behaviors,” by Tim Kaiser, Annamaria Lusardi, Lukas Menkhoff, and Carly J. Urban, National Bureau of Economic Research, April 2020.“Annamarie Lusardi: ‘Financial Education Works,’ ” The Long View podcast, Morningstar.com, Feb. 19, 2020.Fidelity Youth AccountMillion Bazillion podcast “Bringing Personal Finance to the Classroom for Generation Z,” by Ann Carrns, nytimes.com, March 18, 2022.“The Truth About Day Trading,” by Ben Felix, YouTube.com, Oct. 24, 2020.The Stock Market GameSTAXfinviz.comThe State of Financial Education in the U.S.“NGPF’s 2022 State of Financial Education Report,” ngpf.org, April 2022.Jump$tart Coalition for Personal Financial LiteracyCouncil for Economic Education“Financial Education Mandates 2022,” poll by National Endowment for Financial Education, nefe.org, March 17-21, 2022.“What I Learned Reading the State Auditor’s Report About Financial Education in Utah,” by Tim Ranzetta, ngpf.org, Oct. 22, 2018.Mississippi Department of Education: National Board Certification—Master Teacher ProgramThe North Carolina Council on Economic EducationRhode Island Department of Education The Most Important Class You Never Had, NGPF documentary Other“Dan Otter and Scott Dauenhauer: Why Retirement Savings Options for Educators Are So Bad,” The Long View podcast, Morningstar.com, May 28, 2022. 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 real estate expert and author Ilyce Glink. Ilyce writes a nationally syndicated column on real estate matters, and she’s written more than a dozen books on real estate and home buying, including 100 Questions Every First-Time Homebuyer Should Ask, which is now in its fourth edition. She’s also a regular contributor to WGN Radio. Her latest project, Best Money Moves, is a mobile-first employee benefit designed to help employees with financial wellness and reduce financial stress. Ilyce received her bachelor’s degree in English literature from the University of Illinois at Urbana-Champaign.BackgroundBioIlyce Glink books 100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition: With Answers From Top Brokers From Around the Country, by Ilyce GlinkBest Money MovesThinkGlinkNewsletter: Love, Money + Real Estate: Exploring Truths, Lies and Life’s Financial MilestonesHousing Market and Prospective Homebuyers“What Today’s Market Means for First-Time Home Buyers,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 25, 2022.“Love, Money + Real Estate #014: Is a Recession Looming?” by Ilyce Glink, glink.substack.com, May 3, 2022.“Real Estate Matters: Industry Trends as a New Year Arrives,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 16, 2022.“Real Estate Matters: Homeowner Weighs Renting vs. Buying for Next Stage in Life,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Aug. 8, 2021.“Retiree Considers Selling Townhouse, Buying Larger Single-Level Home,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, May 30, 2022.“Cullen Roche: Macro Is About Understanding the World for What It Is,” The Long View podcast, morningstar.com, Jan. 11, 2022.“Real Estate Trends for 2022,” by Ilyce Glink, thinkglink.com, Dec. 14, 2021.Real Estate as an Investment“Real Estate Matters: We Stand by Advice That LLCs Aren’t for All Property Investors,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Jan. 23, 2022.Housing Shortage“Underbuilding Has Led to ‘Acute Shortage’ of Housing and ‘Affordability Crisis,’ Study Says,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, July 19, 2021.Older Adults, Taxes, and Retirement“Calculating Capital Gains,” by Ilyce Glink, thinkglink.com, May 9, 2022. “Should You Prepay Your Mortgage?” by Ilyce Glink, hermoney.com, July 2, 2019.“The Benefits of Paying Down a Mortgage Before Retirement,” Interview with Christine Benz and Ilyce Glink, morningstar.com, Sept. 4, 2018.“Reverse Mortgages: Readers Share Their Experiences,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, June 2, 2021.“Reverse Mortgage Not Working Out? Here Are Some Options,” by Ilyce Glink and Samuel J. Tamkin, washingtonpost.com, Dec. 1, 2021. 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 Lau, founder and CEO of DPL Financial Partners, which develops and distributes low-cost, commission-free insurance and annuity products. In addition, DPL Financial Partners provides tools and educational resources for registered investment advisors and individual investors. Prior to founding DPL, David was chief operating officer of Jefferson National and before that he was principal and co-founder of the Oysterhouse Group, a management consulting firm. He also served as chief marketing officer of E-Trade Bank and its predecessor TeleBank. David received his bachelor's degree in economics from the College of William and Mary. BackgroundBioDPL Financial PartnersAnnuitiesAnnuities—Product OverviewYour Guide to Annuities “Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle,” The Long View podcast, morningstar.com, May 4, 2021.“DPL Financial RIA Survey Shows Continued Uptick in Annuity Usage,” insurancenewsnet.com, Sept. 30, 2021.“Another Reason Advisors Are Warming to Annuities,” by Bernice Napach, thinkadvisor.com, Sept. 30, 2021.“Talk Your Book: Rethinking the 4% Rule,” Podcast With Wade Pfau and David Lau, dplfp.com, May 2, 2022.“DPL Financial Partners Launches Commission-Free MYGA Marketplace for RIAs,” businesswire.com, Dec. 2, 2021.MYGA Marketplace“A Day at DPL With Wade Pfau | How to Use a Fixed Index Annuity,” by Wade Pfau, dplfp.com, Feb. 3, 2020.“Too Much ‘Hocus Pocus,’ ” by Kerry Pechter, retirementincomejournal.com, June 4, 2021.Taxes and Asset Location“The Tax-Efficient Frontier: Improving the Efficient Frontier With the Power of Tax Deferral,” by David Lau, dplfp.com, Sept. 8, 2021.“David Lau on Ways to Enhance the Tax Efficient Frontier at NAPFA Session,” by John Sullivan, thinkadvisor.com, May 19, 2011.Other“Long-Term Care a Big Question in Pandemic,” by Emile Hellez, investmentnews.com, July 2, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

This week we’re pleased to bring you a special “State of Retirement Income” episode, which we recorded live at the annual Morningstar Investment Conference held recently in Chicago, Illinois. For this discussion, we turn the tables on Christine, who is part of an expert retirement planning panel that also includes David Blanchett, managing director and head of retirement research at PGIM DC Solutions, and Karsten Jeske, the founder of Early Retirement Now. Both were guests on past episodes of The Long View.In this panel discussion, recorded before a live audience, we delve into a number of retirement-planning topics, including the impact of inflation on spending patterns; the implications of the recent selloff on asset allocation; sequence-of-returns risk; optimal Social Security-claiming practices; the role and importance of guaranteed income sources; and a lot more. Without further ado, please enjoy this special episode of The Long View.Background“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View podcast, Morningstar.com, Oct. 14, 2020.Karsten Jeske’s blog, Early Retirement NowKarsten Jeske’s bioDavid Blanchett’s bio“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.“Christine Benz and John Rekenthaler: How Much Can You Safely Spend in Retirement?” The Long View podcast, Morningstar.com, Dec. 21, 2021.Inflation“How Much Should You Worry About Inflation in Retirement?” by Christine Benz, Morningstar.com, March 26, 2021.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, financialplanningassociation.org, May 2014.Safe Withdrawal RatesThe Trinity Study“The Safe Withdrawal Rate Series—A Guide for First-Time Readers,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 15, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, November 2021.“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021.“Drawdown From Financial Accounts in Retirement,” Vanguard Research by Thomas J. De Luca and Anna Madamba, vanguard.com, July 2021.Retirement Portfolio Construction“Cliff Asness: Value Stocks Still Look Like a Bargain,” The Long View podcast, Morningstar.com, May 31, 2022.“Bonds May Be Down, But Some Annuity Payouts Are Up,” by David Blanchett, thinkadvisor.com, May 13, 2022.“Inflation at 7%! Here’s Why I’m Not Running for the Hills (Yet)!” by Karsten Jeske, earlyretirementnow.com, Jan. 13, 2022.“The Bucket Approach to Retirement Allocation,” by Christine Benz, Morningstar.com, Jan. 25, 2021.Christine Benz’s model bucket portfoliosHarold EvenskyWhat Is a Monte Carlo Simulation?Guaranteed Income and Social Security“Guaranteed Income: A License to Spend,” by David Blanchett and Michael Finke, papers.ssrn.com, June 28, 2021.Open Social SecurityOther“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.“Eight Centuries of Global Real Interest Rates, R-G, and the ‘Suprasecular’ Decline, 1311-2018,” by Paul Schmelzing, bankofengland.co.uk, January 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tom Idzorek Show NotesOur guest this week is Tom Idzorek. Tom is chief investment officer, retirement, for Morningstar Investment Management, which is Morningstar's affiliated asset-management arm. Previously, Tom was president of Morningstar Investment Management and before that was a leading researcher at Ibbotson Associates. Tom has collaborated on a number of influential academic studies on topics including asset allocation, the liquidity of stocks, and the role of popularity and security prices. Tom serves on the editorial board of the CFA Institute's Financial Analysts Journal. He received his bachelor's degree from Arizona State University and his MBA from Thunderbird School of Global Management. He is also a CFA charterholder.BackgroundBioAsset Allocation and Managed AccountsRoger IbbotsonPeng ChenBarton WaringLarry SiegelActive Portfolio Management: A Quantitative Approach for Producing Superior Returns and Controlling Risk, by Richard Grinold and Ronald Kahn“Stop Guessing: Using Participant Data to Select the Optimal QDIA,” by Thomas Idzorek, David Blanchett, and Daniel Bruns, Morningstar.com, Jan. 30, 2018.ByAllAccountsModern Portfolio TheoryAcademic Research“Liquidity Style of Mutual Funds,” by Thomas Idzorek, James Xiong, and Roger Ibbotson, papers.ssrn.com, Feb. 10, 2012.“The Popularity Asset Pricing Model,” by Thomas Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 25, 2021.“Forming ESG-Oriented Portfolios: A Popularity Approach,” by Thomas Idzorek and Paul Kaplan, papers.ssrn.com, May 20, 2022.“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, papers.ssrn.com, Dec. 10, 2018. 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 Cliff Asness. Cliff is a founder, managing principal, and chief investment officer at AQR Capital Management. Cliff writes often about investing and financial matters on AQR’s website and has been a prolific researcher throughout his career, with his contributions appearing in many of the leading scholarly journals, including the Journal of Portfolio Management, Financial Analyst Journal, the Journal of Finance, and the Journal of Financial Economics. This work has earned him accolades, including the James R. Vertin Award, which the CFA Institute bestows on those who produced a body of research notable for its relevance in enduring value to investment professionals. Before cofounding AQR, Cliff was a managing director and director of quantitative research for the asset-management division of Goldman Sachs. He earned dual bachelor’s degrees, one in economics from the Wharton School and another in engineering from the Moore School of Electrical Engineering at the University of Pennsylvania, as well as an MBA and Ph.D. in finance from the University of Chicago. We recorded this episode live and in person at the annual Morningstar Investment Conference, which was recently held in Chicago.BackgroundBio@CliffordAsnessReturn Environment Antti IlmanenInvesting Amid Low Expected Returns: Making the Most When Markets Offer the Least, by Antti Ilmanen“Demystifying Illiquid Assets: Expected Returns for Private Equity,” by Antti Ilmanen, Swati Chandra, and Nicholas McQuinn, aqr.com, Jan. 31, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Why Not 100% Equities,” by Clifford Asness, aqr.com, Dec. 1, 1996.“Leverage Aversion and Risk Parity,” by Clifford S. Asness, Andrea Frazzini, Lasse H. Pedersen, aqr.com, January/February 2012.“An Update to Cliff Asness’s Study on the Benefits of a Levered 60/40,” by Jeremy Schwartz, wisdomtree.com, May 20, 2021.“Are Value Stocks Cheap for a Fundamental Reason?” by Cliff Asness, aqr.com, Aug. 30, 2021.“The Long Run Is Lying to You,” by Cliff Asness, aqr.com, March 4, 2021.“Quant Legend Cliff Asness Is Back to Defending Value Again,” by Justina Lee, Bloomberg.com, July 15, 2021.“Still Crazy After All This YTD,” by Cliff Asness, aqr.com, May 9, 2022.“Everything and More,” by Cliff Asness, aqr.com, April 4, 2022.“Bonds Are Frickin’ Expensive,” by Cliff Asness, aqr.com, Aug. 13, 2019.“Should Taxable Investors Shun Dividends?” by Ronen Israel, Joseph Liberman, Nathan Sosner, Lixin Wang, The Journal of Wealth Management, Winter 2019.ESG“Cliff Asness Says ESG Is Here to Stay Amid Growing Interest,” by Isabelle Lee and Silla Brush, Bloomberg.com, May 17, 2022.“Shorting Counts,” by Cliff Asness, aqr.com, Feb. 23, 2022.“Shorting Your Way to a Greener Tomorrow,” by Cliff Asness, aqr.com, Sept. 7, 2021.“Virtue Is Its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor,” by Cliff Asness, aqr.com, May 8, 2017.Taxes“Now There’s Nothing Certain But Death,” by Cliff Asness, aqr.com, Jan. 15, 2021. 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 Eric Balchunas, who is a senior exchange-traded fund analyst for Bloomberg Intelligence, where he writes for and leads the fund research team. Balchunas is a fixture in financial media. He hosts the TV show Bloomberg ETF IQ and the podcast Trillions and is also a mainstay of social media under his popular Twitter account @EricBalchunas. Balchunas is also an accomplished author, his latest book being The Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors Trillions, which we devote this episode to discussing. He earned his bachelor's degree in journalism and environmental economics from Rutgers University.BackgroundBioTwitter: @EricBalchunasThe Bogle Effect: How John Bogle and Vanguard Turned Wall Street Inside Out and Saved Investors TrillionsVanguard: The Early Years"Inside 'The Bogle Effect'," Trillions podcast, Bloomberg.com, April 27, 2022."Investor Jack Bogle Founded His Legendary Company Based on His Princeton Senior Thesis," by Veronika Kero, cnbc.com, Jan. 17, 2019."How the Index Fund Was Born," by John C. Bogle, The Wall Street Journal, Sept. 3, 2011."Challenge to Judgment," by Paul A. Samuelson, The Journal of Portfolio Management, Fall 1974."Q&A With Jack Bogle: "We're in the Middle of a Revolution'," by Michael Regan, Bloomberg.com, Nov. 23, 2016.Gus SauterTed AronsonMichael LewisJason Zweig"Investing Legend Jack Bogle Says There's a Big Problem With Index Funds," by Sergei Klebnikov, money.com, Nov. 30, 2018.Bogle's BooksStay the Course: The Story of Vanguard and the Index Revolution, by John C. BogleThe Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, by John C. BogleEnough: True Measures of Money, Business, and Life, by John C. BogleCharacter Counts: The Creation and Building of The Vanguard Group, by John C. BogleOther"Sheryl Garrett: 'The Industry Thought I Was Nuts'," The Long View podcast, Morningstar.com, July 17, 2019."Michael Kitces: The Model Has to Change Again," The Long View podcast, Morningstar.com, June 5, 2019."Rick Ferri: 'There Are No Average Investors'," The Long View podcast, Morningstar.com, July 3, 2019."Gus Sauter: Efficient Markets Are a Good Thing," The Long View podcast, Morningstar.com, Dec. 4, 2019."Jack Brennan: Price Pressure in the Advice Business 'Is Inevitable'," The Long View podcast, Morningstar.com, June 23, 2021."Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest today is Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, or DACFP, an organization he formed in 2018. DACFP aims to advance financial professionals' knowledge of blockchain and digital assets. Prior to forming DACFP, Edelman and his wife Jean founded Edelman Financial Services, which grew to become one of the largest Registered Investment Advisors in the United States before it acquired Financial Engines to form Edelman Financial Engines in 2018. Edelman is a fixture in financial media where he is known for his radio show and frequent print and television appearances and has authored numerous books, including his latest, The Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets. Edelman began his career as a journalist after graduating from Rowan University with a degree in communications.BackgroundBioDigital Assets Council of Financial Professionals (DACFP)DACFP Course on Blockchain and Digital Assets℠Edelman Financial EnginesThe Truth About Crypto: A Practical, Easy-to-Understand Guide to Bitcoin, Blockchain, NFTs, and Other Digital Assets, by Ric EdelmanThe Truth About Your Future With Ric EdelmanOther books by Ric EdelmanCryptocurrency"Crypto Attitudes Around the World," by Ric Edelman, dacfp.com, April 25, 2022."Ric Edelman Expects the SEC Will Approve a Bitcoin ETF," by Bernice Napach, benefitspro.com, July 2, 2021."A Bitcoin ETF Could Be a Game-Changer for Advisors. Not Everyone's Buying It," by Avi Salzman, Barron's, Oct. 19, 2021."Ric Edelman's '22 Predictions for 2022," by Brian Anderson, 401kspecialistmag.com, Dec. 29, 2021. "Here's the Best Time to Buy Bitcoin, According to Yale Data,” by Ali Montag, cnbc.com, Aug. 8, 2018."Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals," by Matt Hougan and David Lawant, CFA Institute, 2021.The Future of Advice"What's Coming Next in This Technological and Investment Revolution," YouTube, April 13, 2022.Milken InstituteStanford Center on Longevity"Laura Carstensen: 'I'm Suggesting We Change the Way We Work,'" The Long View podcast, Morningstar.com, Sept. 14, 2021.Retirement"Ric Edelman on the Future of Retirement," YouTube, Nov. 1, 2021."U.S. Is Facing 'a Real Retirement Crisis,' Top Investor Says—His Plan for Doubling Savings and Reducing Income Inequality," by Lizzy Gurdus, cnbc.com, June 22, 2021."More Americans Could Outlive Their Savings. How Advisors Can Protect Them," by Amey Stone, Barron's, July 21, 2021.Other"This Chart Perfectly Sums Up Why It’s Important to Have a Diverse Investment Portfolio," by Kathleen Elkins, cnbc.com, Jan. 12, 2021.Richard Thaler 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 Brian Feroldi. Brian is the author of a new book called Why Does the Stock Market Go Up? He is also a writer and contributor to the Motley Fool, where he focuses on the technology and healthcare industries. In addition, Brian has a big presence on YouTube. The videos on his YouTube channel have hundreds of thousands of views. He received his bachelor's degree from the University of Connecticut and his MBA from the University of Rhode Island.BackgroundBioBrian Feroldi—Spread Financial Wellness YouTube channelWhy Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’tIndividual Stock Investing“10 Investing Lessons for Stock Market Beginners,” by Brian Feroldi, youtube.com, July 15, 2021.“The Hardest Part About Picking Stocks for New Investors,” video with Brian Feroldi and Brian Withers, fool.com, Feb. 10, 2021.“Opinion: ‘Time in the Stock Market Is More Important Than Timing the Market’ and More Critical Money and Investing Lessons I Wish My Younger Self Had Understood,” by Brian Feroldi, marketwatch.com, May 5, 2022.Peter Lynch“Brian Feroldi’s Stock Investing Checklist: A Step by Step Guide,” by Brian Feroldi, youtube.com, June 18, 2021.Antifragile: Things That Gain From Disorder, by Nassim Taleb“Good Reasons to Ignore Valuation,” by Brian Feroldi, MicroCap Leadership Summit 2021, microcapclub.com, Oct. 6, 2021.“Interview With Tom Engle: Investing Legend,” with Chris Reining, chrisreining.com.“GameStop: Squeezed to the Max|Brian Feroldi|EP 293,” choosefi.com, Feb. 4, 2021.“The 5 Biggest Investing Mistakes I’ve Ever Made,” by Brian Feroldi, yahoo.com, Sept. 23, 2018.OtherChooseFIAfford AnythingAll the HacksInvest Like the Best with Patrick O’ShaughnessyRule Breaker InvestingBanklessThe Tim Ferriss Show 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 Jim Grant. Jim is the founder and editor of Grant's Interest Rate Observer, a twice-monthly newsletter on financial markets with a focus on bonds. He is the author of numerous books and has made frequent appearances in the financial press where his views on markets and the macroeconomy are much sought after. Before founding Grant's Interest Rate Observer, Jim did stints as a journalist, first as a reporter at The Baltimore Sun, and later at Barron's. He received his bachelor's degree from Indiana University and his master's in international relations from Columbia University.Background BioGrant’s Interest Rate ObserverThe Forgotten Depression: 1921: The Crash That Cured ItselfMr. Market Miscalculates: The Bubble Years and BeyondMoney of the MindBagehot: The Life and Times of the Greatest VictorianInflation and Interest Rates“Jim Grant: The Fed Cannot Control Inflation,” by Robert Huebscher, advisorperspectives.com, May 4, 2021.“Jim Grant: The Trouble With Treasuries,” by James Grant, barrons.com, Oct. 11, 2019.“The High Cost of Low Interest Rates,” by James Grant, wsj.com, April 1, 2020.“Happy Birthday, Federal Reserve! Have Some Punch (Before the Bowl Gets Taken Away),” by Paul Vigna, wsj.com, Dec. 23, 2013.“The Inflation Headshake,” by Eric Cinnamond, palmvalleycapital.com, March 9, 2022.Horizon Kinetics Inflation Beneficiaries ETFMurray Stahl bio“Jim Grant: The Endgame for the Bull Market in Bonds,” by James Grant, barrons.com, Sept. 13, 2019.“Jim Grant: Low Interest Rates Forever? Don’t Get Used to That Idea,” by James Grant, barrons.com, June 7, 2019.“James Grant: Bitcoin and Other Bubbles,” Wealthtrack podcast, youtube.com, Feb. 26, 2021.Policymaking“Jim Grant: The Big Flaw in Ph.D-conomics,” by James Grant, barrons.com, July 19, 2019.What Is the Taylor Rule?A History of Interest Rates, by Sidney HomerRecession and Macroeconomic Forecast“The Difficult Art of Conjuring Up Yield From Mortgage-Backed Securities,” by James Grant, barrons.com, March 15, 2019.“The Fed Is Well Behind the Curve: Jim Grant,” cnbc.com interview, youtube.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.

Our guest on the podcast today is William Reichenstein. Dr. Reichenstein is an author and emeritus professor of finance at Baylor University. He is also head of research for Social Security Solutions and Retiree, Inc., where he and William Meyer have developed software to facilitate tax-efficient Social Security and asset-drawdown strategies for retirees. His recent books include Income Strategies and Social Security Strategies with William Meyer. A fourth edition of that book will be forthcoming soon. He has also published more than 200 articles in various financial journals. He earned his B.A. in economics from St. Edward's University and his Ph.D. from the University of Notre Dame. He is also a CFA charterholder.BackgroundBioSocial Security SolutionsIncome SolverIncome Strategies: How to Create a Tax-Efficient Withdrawal Strategy to Generate Retirement Income, by William Reichenstein Social Security Strategies: How to Optimize Retirement Benefits, by William Reichenstein and William MeyerTax-Efficient Withdrawal Strategies“Pay Attention to Marginal Tax Rates and Not Tax Brackets,” by William Reichenstein, advisorperspectives.com, Sept. 28, 2021.“Tax Considerations for Relatively Wealthy Households,” by William Reichenstein, Journal of Financial Planning, December 2021.“How Social Security Coordination Can Add Value to a Tax-Efficient Withdrawal Strategy,” by William Reichenstein and William Meyer, jor.pm-research.com, Fall 2021.“Saving in Roth Accounts and Making Roth Conversions Before Retirement in Today’s Low Tax Rates,” by William Reichenstein, financialplanningassociation.org, July 2020.“Investment Implications of the Rising and Falling Pattern of Marginal Tax Rates for Retirees,” by William Reichenstein and William Meyer, jor.pm-research.com, Summer 2020.“A Comparison of the Tax Efficiency of Decumulation Strategies,” by Greg Geisler, Bill Harden, and David Hulse, financialplanningassociation.org, March 2021.“Advice for Married Couples When One Spouse Will Die Years(s) Before the Other Spouse,” by William Reichenstein and William Meyer, financialplanningassociation.org, January 2021.“Using Roth Conversions to Add Value to Higher-Income Retirees’ Financial Portfolios,” by William Reichenstein and William Meyer, financialplanningassociation.org, February 2020.“The Asset-Location Decision and Related Topics,” by William Reichenstein, advisorperspectives.com, June 1, 2020.“Basic Truths About Asset Allocation: A Consensus View Among the Experts,” by William Reichenstein, aaii.com, July 2019.Social Security, Medicare, and Taxes“How to Prepare for a No-to-Low 2021 Social Security COLA,” by William Reichenstein, thestreet.com, July 27, 2020. “The Relationship Between Wealth and Delaying Social Security Benefits,” by William Reichenstein, aaii.com, June 2020.“Social Security Claiming Strategies for Singles and Their Implications for Couples,” by William Reichenstein and William Meyer, financialplanningassociation.org, May 2021.“A Top Social Security Expert Blasts Biden’s Reform Plan,” by Jane Wollman Rusoff, thinkadvisor.com, June 2, 2020.“Understanding the Tax Torpedo and Its Implications for Various Retirees,” by William Reichenstein and William Meyer, financialplanningorganization.org, July 2018.“How Retirees Can Avoid the ‘Tax Torpedo’,” by Mark Miller, Morningstar.com, Feb. 9, 2022.“Minimizing the Damage of the Tax Torpedo,” by William Reichenstein, financialplanningorganization.org, September 2021.“Medicare and Tax Planning for Higher-Income Households,” by William Reichenstein and William Meyer, jwm.pm-research.com, Winter 2019.“How Retirees Can Avoid Higher Medicare Premiums,” by William Reichenstein, wsj.com, June 14, 2018.Retirement Income/Other “There Is No Perfect Way to Protect Your Investments Against Inflation,” by Anne Tergesen, goodwordnews.com, Feb. 14, 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 Mary Childs. Mary is a cohost and correspondent for National Public Radio's Planet Money. Previously, she was a reporter at Barron's magazine and before that, a reporter at the Financial Times and Bloomberg News. She received her bachelor's degree in business journalism from Washington & Lee University. Mary is the author of a new biography about the iconic Pimco bond fund manager, Bill Gross. It's called the The Bond King: How One Man Made a Market, Built an Empire, and Lost It All. We spent this episode delving into the book with Mary's help.BackgroundBioPlanet Money podcastThe Bond King: How One Man Made a Market, Built an Empire, and Lost It All, by Mary ChildsPimco Total Return Analyst ReportEarly Life and CareerBeat the Dealer, by Ed Thorpe“The Strange Billionaire Who Revolutionized the Bond Market,” by Greg Rosalsky, npr.org, March 15, 2022.“Bill Gross Made the Bond Market What It Is Today,” by Mary Childs, barrons.com, Feb. 8, 2019.Psychology and MotivationsJeffrey Gundlach“Gross Friendly to Fannie and Freddie,” by Bloomberg News, investmentnews.com, Oct. 31, 2011.“Pimco Shook Hands With the Fed—and Made a Killing,” by Reuters, cnbc.com, Sept. 27, 2013.“Special Report—The Twilight of the Bond King,” by Jennifer Ablan and Matthew Goldstein, reuters.com, Feb. 9, 2012.“Announcing the Morningstar Fund Managers of the Decade,” by Karen Dolan, Morningstar.com, Jan. 12, 2010.“Fall of the Bond King: How Gross Lost Empire as Pimco Cracked,” by Mary Childs, Bloomberg.com, Dec. 2, 2014.“Inside the Showdown Atop Pimco, the World’s Biggest Bond Firm,” by Gregory Zuckerman and Kirsten Grind, wsj.com, Feb. 24, 2014.“Pimco Dissidents Challenge Bill Gross in ‘Happy Kingdom,’” by Mary Childs, Bloomberg.com, July 8, 2014.“Gross: Economy Can’t Survive Much Higher Rates,” keynote presentation at the Morningstar Investment Conference, Morningstar.com, June 25, 2014.Gross’ Departure From PimcoMohamed El-Erian“Exclusive: Pimco’s Gross Declares El-Erian Is ‘Trying to Undermine Me,’” by Jennifer Ablan, reuters.com, March 6, 2014.“5 Years Later: Pimco Total Return,” by John Rekenthaler, Morningstar.com, June 26, 2018.“Pimco in the Post-Gross Era,” by Eric Jacobson, Morningstar.com, Dec. 26, 2017.“Gross Loses Pimco Power Struggle With ‘Stunning’ Exit,” by Mary Childs and Alexis Leondis, Bloomberg.com, Sept. 26, 2014. 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 Nick Maggiulli. He is the author of a new book called "Just Keep Buying: Proven Ways to Save Money and Build Your Wealth." He is also the author of OfDollarsAndData.com, a blog focused on the intersection of data and personal finance. In addition, he is COO and data scientist for Ritholtz Wealth Management. He graduated from Stanford University with a degree in economics.BackgroundBioOf Dollars And DataJust Keep Buying: Proven Ways to Save Money and Build Your WealthPersonal FinanceWhat Is a Data Scientist?“Go Big, Then Stop,” by Nick Maggiulli, ofdollarsanddata.com, July 27, 2021.“The Biggest Lie in Personal Finance,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 4, 2020.“The 9 Best Income Producing Assets to Grow Your Wealth,” by Nick Maggiulli, ofdollarsanddata.com, Sept. 15, 2020.“Just 5 Years Can Change Your Life,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 28, 2021.“We Begin our Lives as Growth Stocks, but end our Lives as Value Stocks,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 24, 2020.“How to Spend Money,” by Nick Maggiulli, ofdollarsanddata.com, Dec. 3, 2019.The Paradox of Choice: Why More Is Less, by Barry SchwartzInvesting and Markets“Dollar-Cost Averaging vs. Lump Sum: The Definitive Guide,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 25, 2020.“How Often Does Dollar-Cost Averaging Fail?” by Nick Maggiulli, ofdollarsanddata.com, June 29, 2021.“We Are All Investors Now,” by Nick Maggiulli, ofdollarsanddata.com, July 20, 2021.“The Yield Curve Just Inverted…Now What?” by Nick Maggiulli, ofdollarsanddata.com, April 5, 2022.“How to Save for a Big Purchase,” by Nick Maggiulli, ofdollarsanddata.com, Nov. 17, 2020.“In Defense of Global Stocks,” by Nick Maggiulli, ofdollarsanddata.com, July 6, 2021.“Why Investing Like Your Neighbors Isn’t as Dumb as It Seems,” by Nick Maggiulli, ofdollarsanddata.com, Feb. 1, 2022.“Why You Shouldn’t Pick Individual Stocks,” by Nick Maggiulli, ofdollarsanddata.com, April 6, 2021.“Why Market-timing Can Be So Appealing,” by Nick Maggiulli, ofdollarsanddata.com, Jan. 28, 2020.“When Does Market-timing Work?” by Nick Maggiulli, ofdollarsanddata.com, May 7, 2019.“Ask Yourself Why,” by Nick Maggiulli, ofdollarsanddata.com, March 28, 2018.OtherKyla ScanlonJack Raines 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 author and blogger JL Collins. He blogs about financial and other matters at JLCollinsnh.com. Collins' first book, The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life was published in 2016 and has been an international best-seller. His latest book is How I Lost Money in Real Estate Before It Was Fashionable. That one came out in 2021.BackgroundBioJLCollinsnh.com The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free LifeHow I Lost Money in Real Estate Before It Was Fashionable: A Cautionary TaleInvesting"Stocks--Part XV: Target Retirement Funds, the Simplest Path to Wealth of All," by JL Collins, jlcollinsnh.com, Dec. 18, 2012.“Stocks—Part XIII: The 4% Rule, Withdrawal Rates and How Much Can I Spend Anyway?" by JL Collins, jlcollinsnh.com, Dec. 7, 2012."The Alfred Hitchcock Path to FI," by JL Collins, jlcollinsnh.com, May 5, 2021."The Trinity Study and Portfolio Success Rates," by Wade Pfau, Forbes, Jan. 16, 2018."Stocks—Part XXVII: Why I Don't Like Dollar Cost Averaging," by JL Collins, jlcollinsnh.com, Nov. 12, 2014.Real Estate"Truly Passive Real Estate Investing," by JL Collins, jlcollinsnh.com, Nov. 28, 2018."Why Your House Is a Terrible Investment," by JL Collins, jlcollinsnh.com, May 29, 2013.OtherThe Psychology of Money, by Morgan Housel Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren't, by Brian FeroldiQuit Like a Millionaire: No Gimmicks, Luck, or Trust Fund Required, by Kristy Shen and Bryce LeungRich & Regular blogCashing Out: Win the Wealth Game by Walking Away, by Julien and KierstenTaking Stock: A Hospice Doctor's Advice on Financial Independence, Building Wealth, and Living a Regret-Free Life, by Jordan GrumetEarn & Invest podcast 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 Dan Otter and Scott Dauenhauer. Together they run the website 403bwise, which is geared toward providing education and advocacy on retirement planning for educators. Dan started 403bwise in 2000 with John Moore as a means of shedding light on the often opaque landscape of retirement plans for K-12 educators. Scott is a certified financial planner and principal and owner of Meridian Wealth Management. He got interested in the 403(b) space after researching retirement plan options available to his wife, who is a teacher. They've each written books about 403(b)s and retirement planning for K-12 educators. Dan's is called Teach and Retire Rich, while Scott's book is called Wild West: Providing Fiduciary Advice to Public School Employees. They also host a podcast called Teach and Retire Rich, and they recently released a short podcast series called Learned by Being Burned: Teachers in the K-12 403(b).Background403bwise.orgDan OtterTeach and Retire Rich, by Dan OtterScott DauenhauerWild West: Providing Fiduciary Advice to Public School Employees, by Scott DauenhauerTeach and Retire Rich podcastLearned by Being Burned podcastThe Ins and Outs of 403(b)s“401(k) and 403(b) Plans: Knowing the Difference,” investopedia.com, March 19, 2021.“Many Teacher Pension Plans Get Failing Grade,” by Kaitlin Mulhere, money.com, Aug. 31, 2021.“How 403bwise.org Provides Financial Education to K-12 Employees,” by Dan Otter, investmentnews.com, April 9, 2021.What Is a 457 plan?“457(b)s: The Solution to Bad K-12 403(b) Plans?” by Dan Otter, investmentnews.com, July 29, 2021.“Project Aims to Grade 14,000 School Districts’ 403(b) Plans,” by Emile Hallez, investmentnews.com, Jan. 4, 2022.“The Two Faces of 403(b) Index Funds,” by Scott Dauenhauer, 403b.substack.com, Oct. 7, 2021.403bCompare.comNEA DirectInvestNext Gen Personal Finance“Bringing Personal Finance to the Classroom for Generation Z,” by Ann Carrns, nytimes.com, March 18, 2022.New York State Deferred Compensation Plan Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest today is Eric Schoenstein. Eric is a managing director at Jensen Investment Management, where he serves as the firm’s chief investment officer and is a portfolio manager of several Jensen strategies, including its flagship Quality Growth strategy. That strategy is a concentrated portfolio of 25-30 stocks of growing businesses that Jensen’s team believes boast durable competitive advantages. Prior to joining Jensen in 2002, Eric was a senior manager at Arthur Andersen. He earned his bachelor’s in business administration from Oregon State University. He is also a trustee and the board chair for the Oregon State University Foundation Board of Trustees.BackgroundBioJensen Quality GrowthQuality and Growth"15 Cheap Growth Stocks Amid the Volatility," by Dave Sekera, Morningstar.com, Feb. 28, 2022."The Best Way To Capture Quality Growth," by Helen Fowler, ETF.com, Dec. 4, 2013. "The What, Why, and How of Quality," by Ben Johnson, Morningstar.com, March 30, 2016.“A Closer Look at Quality: The Fuzziest of Factors,” by Ben Johnson, Morningstar.com, Feb. 13, 2019.Risk Management“Risk Management--U.S. Equity Investing,” by Eric H. Schoenstein.“Interview With Eric Schoenstein of Jensen Investment Management,” Motley Fool, June 3, 2016.“Jensen Quality Growth Invests Patiently--and Very Successfully,” by Reshma Kapadia, Barron’s, Jan. 21, 2017.“Q&A: Jensen Investment on Bracing for Volatility,” by Coryanne Hicks, U.S. News & World Report, Jan. 13, 2021.Stocks“Jensen Quality Growth Fund: Stock Investing With a High Hurdle for Entry,” by Steve Schaefer, Forbes, July 23, 2013“Jensen Fund Managers Asks One Really Important Question When Deciding to Invest,” by John Sullivan, ThinkAdvisor.com, June 24, 2012. “How Microsoft, PepsiCo and Other Solid Plays Helped This Fund Manager Ride Out a Bumpy Decade,” Barbara Kollmeyer, MarketWatch, Jan. 29, 2020.“Microsoft Results Point to New Growth Chapter,” by Daisuke Wakabayashi, Reuters, Oct. 29, 2007.“Apple Services to Drive Next Leg of Growth, Says Schoenstein,” Bloomberg Technology, March 27, 2018.“Why One Of 2016's Best Large-Cap Funds Finally Bought Apple Shares,” Steve Schaefer, Forbes, April 11, 2016. 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 Terrance Odean. Dr. Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business at the University of California, Berkeley. Individual investor trading has been a key area of research throughout his academic career. In 2016, Dr. Odean received the James R. Vertin Award from the CFA Institute for research notable for its relevance and enduring value to investment professionals. He has been an editor and an associate editor of numerous academic finance journals, including The Review of Financial Studies, The Journal of Finance, and The Journal of Behavioral Finance. As an undergraduate student at UC Berkeley, Dr. Odean studied judgment and decision-making with a 2002 Nobel Laureate in Economics, Daniel Kahneman.BackgroundBioThe Review of Financial StudiesThe Journal of FinanceThe Journal of Behavioral FinanceFree Trading and Robinhood“Online Investors: Do the Slow Die First?” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, 2002.“The Behavior of Individual Investors,” by Brad Barber and Terrance Odean, umass.edu, September 2011.“Attention Induced Trading and Returns: Evidence From Robinhood Users,” by Brad Barber, Xing Huang, Terrance Odean, and Christopher Schwarz, paper.ssrn.com, Oct. 12, 2021.“Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” by Brad Barber and Terrance Odean, faculty.haas.berkeley.edu, April 2000.“All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors,” by Brad Barber and Terrance Odean, academic.oup.com, April 2008.“Robbin’ Who?” by William Ehart, humbledollar.com, May 11, 2021.“Systematic Noise,” by Brad Barber, Terrance Odean, papers.ssrn.com, May 2006.Gender Differences in Investing“Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrance Odean, papers.ssrn.com, November 1998.“Seeing Is Believing: Female Leaders’ Presence Narrows the Gender Gap in Girls’ Aspirations and Advancement in Education,” by Lori Beaman, Esther Duflo, Rohini Pande, and Petia Topalova, gap.hks.harvard.edu, February 2012.“What Accounts for the Gender Equality Among Pharmacists?” by Claudia Goldin, premarket.org, Oct. 7, 2021.Behavioral FinanceDaniel Kahneman 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 Andrew Miller. Andrew is a partner at Creative Planning where he advises clients on financial planning and investment issues. Prior to joining Creative Planning in 2020, Andrew was a partner at Miller Financial Management, where he focused on portfolio construction, financial and tax planning, as well as investment management. He's active on social media--you can find him on Twitter @millerak42--and has authored research on various financial-planning and investing topics that you can find online. Andrew is a CFA charterholder and also is a certified financial planner. He received his bachelor's degree in finance from Indiana University.BackgroundBioGeneral“Alpha, Beta, and Now ... Gamma,” by David Blanchett and Paul Kaplan, Morningstar.com, Aug. 28, 2013.Asset Allocation and Portfolio Construction“Alternative Investments--A Field Manual,” by Andrew Miller, alphaarchitect.com, Oct. 3, 2019.“Who’s Afraid of a Big Bad Bear? Many Investors Shouldn’t Be That Concerned,” by Andrew Miller, alphaarchitect.com, March 2, 2018.InvestingWhat Is Home Country Bias?“Investors Have Fewer Reasons Than Ever for Home Bias,” by Ben Johnson, Morningstar.com, June 7, 2019.“The Illiquidity Discount?” by Cliff Asness, aqr.com, Dec. 19, 2019.“Rebalance Your Portfolio? You Are a Market Timer and Here’s What to Consider,” by Andrew Miller, alphaarchitect.com, March 23, 2017.“Large-Cap Price-to-Book Investing: What Is Dead May Never Die,” by Andrew Miller, alphaarchitect.com, June 25, 2019.“Upside-Down Markets: Profits, Inflation and Equity Valuation in Fiscal Policy Regimes,” by Jesse Livermore, osam.com, September 2020.What Is FRED?Retirement“Using Trend-Following Managed Futures to Increase Expected Withdrawal Rates,” by Andrew Miller,Papers.ssrn.com, Oct. 7, 2017.“Using Flexible Spending to Achieve Financial Goals,” by Andrew Miller, alphaarchitect.com, March 5, 2019.“Should Retirees Still Follow the 4% Rule?” The Long View podcast, Morningstar.com, Dec. 23, 2021.“The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler, Morningstar.com, Nov. 11, 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 consumer advocate and personal finance expert Clark Howard. Clark has been hosting the nationally syndicated radio show and podcast The Clark Howard Show since 1989. He's also the author of 10 books, three of which have been New York Times best-sellers. He also sponsors the Consumer Action Center, which is a free resource for advice on money and consumer issues. He received his B.A. in urban government from American University, and his MBA from Central Michigan University. BackgroundBioClark.comThe Clark Howard PodcastBooks by Clark Howard Home Ownership, Debt, and Investing“Should I Pay Off Debt, Save Money or Invest?” by Christopher Smith, clark.com, Feb. 18, 2021.“How to Pay Off Debt and Save Money on a Fixed Income,” by clark.com staff, clark.com, Nov. 25, 2020.“Key Rules for First-Time Homebuyers and Investors in Real Estate,” by Clark Howard, clark.com, March 22, 2017.“Clark Howard Has Advice if You’re Looking to Buy a Home Amid the Pandemic,” by Sarah Thompson, wokv.com, Sept. 29, 2020.“86% of Renters Can’t Afford to Buy a Home: Here’s How You Can Prepare,” by Charis Brown, clark.com, April 17, 2017.“Should I Buy a House in This Crazy Real Estate Market?” by Craig Johnson, clark.com, Feb. 21, 2022.“Clark Howard’s Special Rule for Refinancing Your Mortgage,” by Nick Cole, clark.com, Aug. 28, 2020.“How Old Is Too Old to Take Out a Mortgage?” by Craig Johnson, clark.com, Nov. 1, 2021.“When Is It OK to Have a Mortgage in Retirement?” by Clark Howard, clark.com, March 22, 2017.“Should I Pay Off My Mortgage Before I Retire?” by Wes Moss, clark.com, Feb. 20, 2019.“What Is a Reverse Mortgage and Is It Right For Me?” by clark.com staff, clark.com, June 19, 2020.Cars“3 Things to Know Before You Lease a Car,” by John Cress, clark.com, July 20, 2020.“New vs. Used Cars: Which Should You Buy?” by Dallas Cox, clark.com, Jan. 24, 2022.“New Report: These 2022 Vehicles Are the Best for the Money,” by Craig Johnson, clark.com, Jan. 21, 2022.“Are You Following Clark’s Maximum Auto Loan Length Rule?” by clark.com staff, clark.com, April 27, 2021.Saving Money“Free Budget Worksheet: The Clark Method to Create a Monthly Budget,” by clark.com staff, clark.com, Feb. 18, 2021.“How to Save and Invest the Clark Howard Way,” by Christopher Smith, clark.com, Jan. 25, 2021.“15 Financial New Year’s Resolutions for 2022,” by clark.com staff, clark.com, Dec. 17, 2021.“8 Spending Habits People Are Changing After Coronavirus,” by Craig Johnson, clark.com, June 19, 2020.Investing and Retirement“How to Start Investing and Saving for Retirement,” by clark.com staff, clark.com, May 20, 2021.“How Retirees Can Combat Inflation,” by Christopher Smith, clark.com, Dec. 1, 2021.“What Is an Annuity, and Why Does Clark Think They Stink?” by Christopher Smith and Clark Howard, ajc.com, May 27, 2021.“Why Clark Howard Is Obsessed With Roth for Retirement Savings,” by Christopher Smith, clark.com, Feb. 23, 2022.Finding an Advisor“How to Find and Choose a Financial Advisor,” by Christopher Smith, clark.com, March 25, 2021.“How Much Does a Financial Advisor Cost?” by Christopher Smith, clark.com, Feb. 24, 2021.Travel“Follow Clark Howard’s #1 Rule to Travel Cheap,” by clark.com staff, clark.com, Jan. 28, 2022.“How to Plan a Trip: Clark’s Best Travel Tips to Save Money,” by clark.com staff, clark.com, June 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 guest on the podcast today is Lori Lucas, the president and CEO of the Employee Benefits Research Institute, or EBRI. EBRI aims to provide unbiased research and data on retirement, healthcare, and other employee benefits. Prior to joining EBRI, Lori was an executive vice president and practice leader at Callan. She has also served as director of Retirement Research at Hewitt associates, vice president at Ibbotson associates, pension fund consultant at J.H. Ellwood & Associates, and as an analyst and product development leader at Morningstar. Lori received a Bachelor of Arts from Indiana University and earned a master’s from the University of Illinois. Additionally, she is a Chartered Financial Analyst.BackgroundBioEmployee Benefits Research InstituteRetirement Confidence and Financial WellnessEBRI’s Retirement Confidence Survey“2021 Retirement Confidence Survey: A Closer Look at Black and Hispanic Americans,” by Craig Copeland and Lisa Greenwald, ebri.org, June 10, 2021. EBRI 2021 Workplace Wellness Survey“Why Do People Spend the Way They Do in Retirement? Findings From EBRI’s Spending in Retirement Survey,” by Lori Lucas, ebri.org, Jan. 14, 2021.“These Retirees Are More Likely to Be ‘Comfortable’ or ‘Affluent,’ Study Finds,” by Kate Dore, cnbc.com, Aug. 4, 2021.“Retirement Confidence Survey Highlights Overwhelming Participant Support for Auto Portability,” Retirement Clearinghouse, prnewswire.com, April 22, 2021.“Racial Inequities and Retirement Income: Contributing Factors and Possible Solutions,” by Lori Lucas, lifeandretirement.aig.com, December 2021.The Financial Alliance for Racial Equity “FARE” Coalition“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.“Emergency-Fund-Focused-Employers: Goals, Motivations, and Challenges,” by Lori Lucas, ebri.org, Feb. 13, 2020.“Talking About My Generation: Comparing the Financial Wellness of Baby Boomers, Gen Xers and Millennials,” by Lori Lucas, ebri.org, Jan. 13, 2022. The Retirement System“Senators Look at Ways to Make Retirement Saving Easier,” by Susan Rupe, insurancenews.net, May 13, 2021.“The Rising Retirement Perils of 401(k) ‘Leakage’,” by Anne Tergesen, wjs.com, April 2, 2017.“401(k) Plan Leakage and the Bipartisan Budget Act of 2018,” by Lori Lucas, lifehealth.com, Feb. 26, 2018.“Participants Still Support Automatic Portability of 401(k)s: Survey,” by Alan Goforth, benefitspro.com, April 27, 2021.“Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, Morningstar.com, May 25, 2021.Illinois Secure ChoiceOregonSavesCalSaversHealthcare“What Leads to Greater Satisfaction With High-Deductible Health Plan Coverage?” ebri.org, Feb. 17, 2022.2021 Consumer Engagement in Health Care Survey“Projected Savings Medicare Beneficiaries Need for Health Expenses Spike in 2021,” by Paul Fronstin and Jack VanDerhei, ebri.org, Jan. 20, 2022.“Why Patients Aren’t Cost-Conscious Consumers of Health Care,” by Lori Lucas, ebri.org, Sept. 9, 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 Jill Schlesinger. Jill is a business analyst for CBS News and comments on the economy, investing, and personal finance for CBS television and radio programs. She also hosts the popular "Jill on Money" podcast and writes the nationally syndicated "Jill on Money" column for Tribune Media Services. Jill's first book, The Dumb Things Smart People Do With Their Money was published in 2019. She has received numerous awards over her career, including an Emmy Award for her work on CBS Sunday Morning. Jill is a certified financial planner and spent 14 years as the co-owner of and chief investment officer for an independent investment advisory firm. She began her career as a self-employed options trader on the Commodities Exchange of New York following her graduation from Brown University.BackgroundBioJill on MoneyThe Dumb Things Smart People Do With Their Money: Thirteen Ways to Right Your Financial Wrongs, by Jill SchlesingerCurrent Market“Coronavirus: Emergency Reserves,” Jill on Money podcast, jillonmoney.com. “Jill on Money: ‘New Normal’ Raises Financial Questions,” by Jill Schlesinger, mercurynews.com, Aug. 24, 2020.“CBS News Business Analyst Jill Schlesinger Discusses Inflation and the Housing Market,” by Grace Segers, cbsnews.com, June 4, 2021.“How to Fight Inflation,” by Jill Schlesinger, jillonmoney.com. “Fall Housing: From Boiling Over to Just Hot,” by Jill Schlesinger, jillonmoney.com.“Inflation on Hot Housing,” Jill on Money podcast, jillonmoney.com, Jan. 13, 2022.“Real Estate Conundrum: No Houses,” by Jill Schlesinger, jillonmoney.com.Retirement“How to Avoid the Retirement Freak-Out,” by Jill Schlesinger, nextave.org, Feb. 14, 2019.“At 67, Is My 80/20 Portfolio Too Risky?” Jill on Money podcast, jillonmoney.com, Nov. 23, 2021. “Jill on Money: Thinking About Joining the Great Resignation?” by Jill Schlesinger, mercurynews.com, Aug. 16, 2021. “Should FINE Replace FIRE?” by Jill Schlesinger, jillonmoney.com. 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 Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO's Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the U.K., and is a recipient of the Carnegie Medal of Philanthropy.BackgroundBio“10 Things You Didn’t Know About Jeremy Grantham,” by Allen Lee, moneyinc.com.BubblesThree-Sigma Limits Definition“Let the Wild Rumpus Begin,” by Jeremy Grantham, gmo.com, Jan. 20, 2022.“‘Super Bubble’: Jeremy Grantham Says Historic Crash Has Begun,” by Clayton Jarvis, financialpost.com, Jan. 25, 2022.“Market ‘Superbubble’ Could Lead to 50% Plunge, Says Grantham,” by Lawrence Carrel, forbes.com, Jan. 26, 2022.“GMO’s Grantham: 7 Signs We’re in a Stock Collapse (And What to Do Now),” by Janet Levaux, thinkadvisor.com, Jan. 24, 2022.“Is the Plunge in the Nasdaq and Bitcoin the end of the ‘Superbubble’”? by John Cassidy, newyorker.com, Jan. 24, 2022.“The U.S. Is in One of the Greatest Bubbles in Financial History,” by Merryn Somerset Webb, moneyweek.com, Sept. 3, 2021.“Grantham Calls Meme Stocks ‘Biggest U.S. Fantasy Trip,’” Kriti Gupta and John Authers, Bloomberg.com, June 22, 2021.“Profiting From a Bubble in Growth Stocks,” by Jeremy Grantham, Simon Harris, Ben Inker, and Catherine LeGraw, gmo.com, March 25, 2021.“Nikkei Back Above 30,000 After More Than Three Decades,” by Hideyuki Sano, reuters.com, Feb. 14, 2021.“Waiting for the Last Dance,” by Jeremy Grantham, gmo.com, Jan. 5, 2021.“COVID-19, Climate Change, and the Need for a New Marshall Plan,” by Jeremy Grantham, gmo.com, Oct. 30, 2020.ForecastGMO 7-Year Asset Class Forecast: 4Q 2021“Why Are Stock Market Prices So High?” by Jeremy Grantham, GMO Quarterly Letter, gmo.com, 2017.“Loose Monetary Policy Is Today’s Biggest Market Risk,” by John Plender, ft.com, April 14, 2021.“An Investment Only a Mother Could Love: The Tactical Case,” by Jeremy Grantham and Lucas White, gmo.com, April 30, 2020. Innovation, Venture Capital, and Green Investing“Grantham Stumbles on $200m Profit After Spac Swoop on Battery Maker,” by Robin Wigglesworth and Eric Platt, ft.com, Dec. 7, 2020.Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever, by Robin Wigglesworth.“You Can’t Fool All the People All the Time,” by Jeremy Grantham, jpm.pm-research.com, Winter 1986.“Green Investing May Be a Bubble, Jeremy Grantham Says, But He’s Doubling Down,” by Ben Steverman, fa-mag.com, Nov. 15, 2021.“Where Jeremy Grantham Expects to Be ‘Kicking Ass,’” by Christine Idzelis, institutionalinvestor.com, Feb. 13, 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 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.BackgroundBioIn 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.John Maynard KeynesBenjamin GrahamHarry MarkowitzHarry MarkowitzModern Portfolio TheoryWhat Is a Gunslinger? William F. SharpeWilliam F. SharpeWhat Is the Sharpe Ratio?Capital Asset Pricing Model (CAPM)“Keynes the Stock Market Investor: A Quantitative Analysis,” by David Chambers, Elroy Dimson, and Justin Foo, papers.ssrn.com, Sept. 26, 2013.Eugene F. FamaEugene FamaWhat Is the Efficient Market Hypothesis?“Algorithmic Models of Investor Behavior,” by Andrew Lo and Alexander Remorov, eqderivatives.com, 2021.“In Pursuit of the Perfect Portfolio: Eugene Fama,” Interview with Andrew Lo and Eugene Fama, youtube.com, Dec. 15, 2016.“Why Artificial Intelligence May Not Be as Useful or as Challenging as Artificial Stupidity,” by Andrew Lo, hdsr.mitpress.mit.edu, July 1, 2019.John C. Bogle John Bogle Cost Matters HypothesisCharles D. EllisCharley EllisGreenwich Associates“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 guest this week is Michael Mauboussin. Michael is the head of consilient research at Counterpoint Global. Before joining Counterpoint Global in January 2020, Michael was director of research at BlueMountain Capital Management and prior to that held research leadership roles at Credit Suisse and Legg Mason Capital Management. Michael is the author of three books including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing and is also coauthor with Alfred Rappaport of Expectations Investing: Reading Stock Prices for Better Returns. He has been an adjunct professor of finance at Columbia Business School since 1993 and is on the faculty of the Heilbrunn Center for Graham & Dodd Investing. Michael is also chairman emeritus of the board of trustees of the Santa Fe Institute. He received his bachelor's degree from Georgetown University.BackgroundBioThe Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, by Michael MauboussinExpectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred RappaportMore Than You Know: Finding Financial Wisdom in Unconventional Places, by Michael MauboussinConsilienceConsilience: The Unity of Knowledge, by Edward O. Wilson“Charlie Munger’s System of Mental Models: How to Think Your Way to Success,” by Andrew McVagh, mymentalmodels.info.com, Aug. 7, 2018.“Increasing Returns and the New World of Business,” by W. Brian Arthur, harvardbusinessreview.com, July-August 1996.Santa Fe Institute“Why Foxes Make Better Decisions Than Hedgehogs,” by Kevin Sookocheff, sookocheff.com, July 15, 2021.Jonathan Baron, Professor, University of PennsylvaniaActive Fund Success“Turn and Face the Strange: Overcoming Barriers to Change in Sports and Investing,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Sept. 8, 2021.“Dispersion and Alpha Conversion: How Dispersion Creates the Opportunity to Express Skill,” by Michael Mauboussin and Dan Callahan, morganstanley.com, April 14, 2020.Fundamental Law of Active Management“The ‘Paradox of Skill’ Adds to Active Management Woes,” by Christine Idzelis, institutionalinvestor.com, Sept. 17, 2020.Triumph and Tragedy in Mudville: A Lifelong Passion for Baseball, by Stephen Jay Gould“Looking for Easy Games in Bonds,” by Michael Mauboussin, bluemountaincapital.com, April 16, 2019.“Do Individual Day Traders Make Money? Evidence From Taiwan,” by Brad Barber, Yi-Tsung Lee, Yu-Jane Liu, and Terrance Odean, Berkeley.edu, May 2004.Expectations InvestingCreating Shareholder Value: A Guide for Managers and Investors, by Alfred Rappaport“Market-Expected Return on Investment: Bridging Accounting and Valuation,” by Michael Mauboussin and Dan Callahan, morganstanely.com, April 14, 2021.Security Analysis course taught by Michael Mauboussin at Columbia Business School“The Math of Value and Growth: Growth, Return on Capital, and the Discount Rate,” by Michael Mauboussin and Dan Callahan, morganstanely.com, June 9, 2020.“Public to Private Equity in the United States: A Long-Term Look,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Aug. 4, 2020.“How the Parting of Two Market Forces Helped Spur the Equity Rally,” by Michael Mauboussin, ft.com, Feb. 8, 2021.Business Quality and Capital Allocation“Thoughts on Cost of Capital and Buffet’s $1 Test--Part 1,” by John Huber, sabercapitalmgt.com, Oct. 30, 2017.“Return on Invested Capital (ROIC)--Michael Mauboussin on Investment Concepts,” anthenarium.com.“Michael Mauboussin on Capital Allocation and Value Creation,” anthenarium.com, Nov. 29, 2019.“Chancellor: Tech Growth Comes at Irrational Price,” by Edward Chancellor, reuters.com, Sept. 9, 2021.“Categorizing for Clarity: Cash Flow Statement Adjustments to Improve Insight,” by Michael Mauboussin and Dan Callahan, morganstanley.com, Oct. 6, 2021.Other and Recommended ReadingAswath Damodaran, Professor of Finance, Stern School of BusinessThe Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan HouselThe Warren Buffett Way, by Robert HagstromWarren Buffett: Inside the Ultimate Money Mind, by Robert HagstromRicher, Wiser, Happier: How the World’s Greatest Inventors Win in Markets and Life, by William Green 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 Paula Pant, host of the popular Afford Anything podcast. She is also the founder of affordanything.com, a personal finance website. Paula is a frequent public speaker and is a leading voice in the “Financial Independence, Retire Early” movement, better known as FIRE. She is a graduate of the Honors Program at the University of Colorado at Boulder.BackgroundBioAfford AnythingAfford Anything podcastFIRE“Why the FIRE Movement Is Misunderstood,” by Paula Pant, affordanything.com, Oct. 17, 2018.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas Stanley and William Danko“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020.“The Great Resignation: Why More Americans Are Quitting Their Jobs Than Ever Before,” by Bill Whitaker, cbsnews.com, Jan. 9, 2022.“Ask Paula: FIRE Vs. FOMO—How Do You Balance Between These?” Afford Anything podcast, affordanything.com, Jan. 11, 2022.“The FIRE Take on Wall St. Bets, GameStop, and Meme Stonks,” by Paula Pant, affordanything.com, Jan. 29, 2021.Mindful Spending “Your Money Should Make Buckets of Excess Money,” by Paula Pant, affordanything.com, Feb. 25, 2011.“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.Advice and Investing“Income Producing Properties With Paula Pant of Afford Anything,” Martinis and Your Money podcast, martinisandyourmoney.com, Sept. 10, 2021.“Ask Paula: How to Make Smarter Real Estate Decisions,” Afford Anything podcast, affordanything.com, Oct. 4, 2021.“Why Index Funds Are a Good Investment--With Paula Pant,” Marriage, Kids, and Money podcast, marriagekidsandmoney.com, Oct. 5, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest today is Cullen Roche. Cullen is the founder and chief investment officer of the Discipline Funds. In addition, Cullen heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen also authors the popular blog "Pragmatic Capitalism," where he writes about a range of macroeconomic and investing topics. He is active on social media, including Twitter, where you can find him at @cullenroche. Cullen started his career as an advisor at Merrill Lynch and did a stint at an event-driven hedge fund before starting his RIA firm. He received his bachelor's degree in finance from Georgetown University's McDonough School of Business..BackgroundBioPragmatic Capitalism BlogPragmatic Capitalism: What Every Investor Needs to Know About Money and Finance, by Cullen RocheMacroeconomics and Financial Planning/Advice“Three Things I Think I Think—Macro Thoughts,” by Cullen Roche, pragcap.com, Aug. 3, 2021.The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel“The Most Important Investment Factor—Behavior,” by Cullen Roche, pragcap.com, April 6, 2018.“What Is the Value of Financial Advice?” by Cullen Roche, pragcap.com, Sept. 18, 2019.“Understanding Quantitative Easing,” by Cullen Roche, papers.ssrn.com, Feb. 10, 2014.“2 Reasons the Surging Deficit Worries Me,” by Cullen Roche, pragcap.com, Sept. 26, 2018.Economic Cycle and Fiscal Picture@jasonzweigwsj“Three Things I Think I Think: Cycles, Hunting Biden and Life,” by Cullen Roche, pragcap.com, Oct. 15, 2020.“Three Things I Think I Think: Housing Bubble 2.0, Passive Investing and Hyperinflation,” by Cullen Roche, pragcap.com, April 8, 2021.“Should House Prices Be in the CPI?” by Cullen Roche, pragcap.com, Aug. 24, 2021.“Understanding Government Liabilities,” by Cullen Roche, pragcap.com, March 28, 2021.Inflation and Interest Rates“Let’s Talk About Inflation,” by Cullen Roche, pragcap.com, May 12, 2021.“Is Hyperinflation Coming?” by Cullen Roche, pragcap.com, Oct. 25, 2021.“Three Things I Think I Think—Myths That Never Die,” by Cullen Roche, pragcap.com, Oct. 5, 2021.“Government Bond Markets Aren’t ‘Free’ Markets,” by Cullen Roche, pragcap.com, Oct. 8, 2020.“What if It’s all Going to Zero?” by Cullen Roche, pragcap.com, Nov. 9, 2021.“Why Stocks and Bonds Are the Core of any Portfolio,” by Cullen Roche, pragcap.com, March 16, 2021.Discipline Fund ETF“Introducing the Discipline Fund ETF,” by Cullen Roche, pragcap.com, Sept. 21, 2021.“John Bogle: How to Create Perfect Asset Allocation,” video interview, youtube.com, June 24, 2018.Discipline Fund ETF OverviewWesley Gray“What Is Discipline-Based Investing?” by Cullen Roche, pragcap.com, Jan. 1, 2019.Target-Date Funds“The Zoom Climb Glide Path & Why the Age in Bonds Rule Is Wrong,” by Cullen Roche, pragcap.com, Sept. 30, 2021. “The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.“Three Things I Think I Think—Dangerous & Terrible Stuff,” by Cullen Roche, pragcap.com, Sept. 29, 2021. 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 investment managers, writers, and thinkers over the past year. Here are the complete episodes that are referenced in this week’s episode. “David Giroux: What Are the Market Inefficiencies We Can Exploit?” The Long View podcast, Feb. 2, 2021. “Hamish Douglass: On the Hunt for Super-Compounding Stocks,” The Long View podcast, Feb. 23, 2021. “John Rogers, Jr.: ‘Be Willing to Talk about These Uncomfortable Issues’,” The Long View podcast, Apr. 6, 2021. “William Bernstein: ‘We’re Starting to See All of the Signs of a Bubble’,” The Long View podcast, Mar. 9, 2021. “Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir’,” The Long View podcast, Apr. 20, 2021. “Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, June 29, 2021. “David Herro: ‘We Are Not at All Afraid to Vary from an Index’,” The Long View podcast, July 13, 2021. “Robin Wigglesworth: The Rise of Indexing and the ‘Renegades’ Who Ushered It In,” The Long View podcast, Nov. 16, 2021. “Bob Seawright: There Is No Such Thing As a Passive Investor,” The Long View podcast, Nov. 2, 2021. “Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser',” The Long View podcast, Sept. 7, 2021. 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.Here are the complete episodes that are referenced in this week’s episode."Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,' " The Long View podcast, Aug. 31, 2021. "Manisha Thakor: Beware of ‘Junk Personal Finance,' " The Long View podcast, July 20, 2021. "Daniel Egan: Noisy Successes and Silent Failures,” The Long View podcast, Dec. 7, 2021. "Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’ ” The Long View podcast, Sept. 28, 2021. "Sarah Newcomb: ‘I Love Rules of Thumb,’ ” The Long View podcast, Aug. 10, 2021. "Hal Hershfield: People Treat Their Future Self As If It’s Another Person,” The Long View podcast, Sept. 21, 2021. “Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Nov. 30, 2021. “Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, Oct. 26, 2021. “Mike Piper: Delaying Social Security Not Always a Great Deal,” The Long View podcast, April 27, 2021. “Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Dec. 14, 2021. “Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View podcast, May 18, 2021. “Andrew Biggs: Create a Thrift Savings Plan for the Masses,” The Long View podcast, May 25, 2021. “Meg Bartelt: ‘More Money Does Not Make You Happier,’ ” The Long View podcast, March 2, 2021. “Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’ ” The Long View podcast, Sept. 14, 2021. “Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, July 27, 2021. 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 special episode, we'll be chatting about a recent study on retirement withdrawal rates that Christine and I authored with our colleague John Rekenthaler, who joins us for this conversation.As listeners probably know, this is an especially challenging time for retirees trying to figure out how much they can safely withdraw in retirement given lofty stock valuations, paltry bond yields, and uncertain inflation. With that in mind, the study assessed potential retirement withdrawal rates, projecting what spending rate would be successful over an assumed 30-year retirement horizon after taking the market outlook into consideration. In this episode, I'll be asking Christine and John about the study and key takeaways, including the finding that withdrawal rates will likely have to be lower going forward than they've been in the past. For reference, you can find a link to the study in the show notes to this episode.Morningstar Retirement Research“What’s a Safe Retirement Spending Rate for the Decades Ahead?” by Christine Benz and John Rekenthaler, Morningstar.com, Nov. 11, 2021. “The State of Retirement Income: Safe Withdrawal Rates,” by Christine Benz, Jeffrey Ptak, and John Rekenthaler. Other Retirement Research Referenced“Determining Withdrawal Rates Using Historical Data,” by William P. Bengen, Journal of Financial Planning, October 1994. “Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, Journal of Financial Planning, March 1, 2006. “Asset Valuations and Safe Portfolio Withdrawal Rates,” by David Blanchett, Michael S. Finke, and Wade D. Pfau, July 2013. “Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014. “Experts Forecast Stock and Bond Returns: 2021 Edition,” by Christine Benz, Morningstar.com, Jan. 20, 2021.“Bill Bengen: Revisiting Safe Withdrawal Rates,” The Long View podcast, Morningstar.com, Dec. 14, 2021. “Wade Pfau: The 4% Rule Is No Longer Safe,” The Long View podcast, Morningstar.com, April 29, 2020.“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.“David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View podcast, Morningstar.com, Sept. 18, 2019.10-Year Breakeven Inflation Rate, Federal Reserve Bank of St. Louis 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 William Bengen. Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what's now called the 4% rule. Bill is the former owner of Bengen Financial Services, an independent Registered Investment Advisor that he launched in 1989, after his family sold the soda-bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates. We're excited to have him here today.BackgroundBioIn-Retirement Withdrawal Rates and Asset Allocation“The Originator of ‘the 4% Rule’ Thinks It’s Off the Mark. He Says It Now Could Be Up to 4.5%,” by Neal Templin, barrons.com, Jan. 23, 2021.“The Planner’s Toolkit for Managing Retirement Withdrawal Plans,” by William Bengen, financialplanningassociation.org, April 2021.“Resolving the Paradox--Is the Safe Withdrawal Rate Sometimes Too Safe?” by Michael Kitces, kitces.com, May 2008.“Bill Bengen Revisits the 4% Rule Using Schiller’s CAPE Ratio, Michael Kitces’s Research,” by Bill Bengen, fa-mag.com, Dec. 17, 2020.“Can We Raise Our Safe Withdrawal Rate When Inflation Is Low?” earlyretirementnow.com, Oct. 26, 2020.“Economic Outlook: Still Rising,” by Preston Caldwell, Morningstar.com, Oct. 3, 2021.“Jonathon Guyton: What the Crisis Means for Retirement Planning,” The Long View Podcast, Morningstar.com, June 17, 2020.“Determining Withdrawal Rates Using Historical Data,” by William Bengen, retailinvestor.org.“The Rules of Retirement Spending Are Changing,” by Anne Tergesen, wsj.com, Nov. 26, 2021.“Choosing the Highest Safe Withdrawal Rate at Retirement,” by William Bengen, fa-mag.com, Oct. 1, 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 Dan Egan. Egan is the director of behavioral finance and investing at Betterment, and he has researched behavioral finance topics extensively over his career. Prior to joining Betterment, he was a behavioral finance specialist for Barclays Wealth. He received his bachelor's degree in economics from Boston University and his Master of Science degree in decision science from the London School of Economics.BackgroundBioResearch Frictions and 'Free'"Closing the Behavior Gap," Betterment.com, Dec. 11, 2018."'Most People Don’t Want to Be Called Average,' Says Betterment's Dan Egan, Who Designs Financial Tools for Them Anyway," by Andrea Riquier, MarketWatch, June 16, 2020."How Checking Performance Might Hurt Your Performance," by Dan Egan, Betterment.com, May 20, 2019."The Myth of the Panicky Individual Investor," by Dan Egan, dpegan.com, March 14, 2020."Memestonks: What's Different About This Market," by Dan Egan, Betterment.com, Jan. 29, 2021."5 Red Flags to Look out for in Your Favorite Investing App," by Liz Knueven, Insider, Feb. 17, 2021."Low Cost Is Better Than Free," by Dan Egan, dpegan.com, March 23, 2021."Are Commission-Free Investing Apps Encouraging Reckless Behavior?" by Robert Farrington, Forbes, Dec. 3, 2019.Betterment"Using Investment Goals at Betterment," by Dan Egan, Betterment.com, July 27, 2021."How Much to Save: Our Advice Guides You Toward Your Goals," by Dan Egan, Betterment.com, Jan. 24, 2019.“Betterment's 401(k) Investment Approach," by Dan Egan, Betterment.com, Feb. 2, 2021."Q&A: What's the Future of Investing?" Betterment.com, Feb. 17, 2021."When It Comes to ESG, Investors Want Specifics—and They Should," by Elizabeth Thompson, Spark Network, Feb. 4, 2021."'Robo' Advisers Betterment, Wealthfront Get in on Socially Responsible Investing," by Anne Tergesen, The Wall Street Journal, July 19, 2017. Retirement"Lifestyle Creep: The Biggest Threat to Financial Planning," by Dan Egan, Betterment.com, Feb. 28, 2019."Tiny Changes Can Help You Achieve Savings Goals for Retirement," by Anne Tergesen, The Wall Street Journal, Dec. 28, 2020. 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 this week is personal finance expert and author, Ramit Sethi. His first book I Will Teach You to Be Rich, published in 2009, was a best-seller. A second edition of the book came out in 2019. Ramit is the founder of IWillTeachYouToBeRich.com, and he is also the host of a new podcast called, I Will Teach You to Be Rich, which features in-depth conversations with couples about money. BackgroundBioI Will Teach You to Be Rich, Second Edition: No Guilt. No Excuses. No BS. Just a Six-Week Program That Works, by Ramit SethiI Will Teach You to Be Rich PodcastIWillTeachYoutoBeRich.comIn-Depth Conversations With Couples “Ramit Sethi Launches Groundbreaking Podcast,” Yahoo.money.com, Aug. 4, 2021.“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Kara Copple, Iwillteachyoutoberich.com, Nov. 23, 2020.“Is Renting a Waste of Money? Ramit Sethi Explains,” by Ramit Sethi, Iwillteachyoutoberich.com, Sept. 22, 2021.“Episode 17: I Think He Should Pay for Everything Because He’s the Man,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 9, 2021.“Episode 18: He’s the Man & He Should Pay. We Can’t Go on Like This Anymore,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 16, 2021.“Episode 14: I Hide My Spending From My Husband,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Oct. 19, 2021.“Episode 16: We’re Worth $8 Million but I Comparison Shop for Strawberries,” I Will Teach You to Be Rich Podcast, Iwillteachyoutoberich.com, Nov. 2, 2021.“Money Dials: The Reason You Spend the Way You Do According to Ramit Sethi,” by Ramit Sethi, Iwillteachyoutoberich.com, Oct. 22, 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 this week is Phil Huber. He is chief investment officer at Savant Wealth Management, a fee-only registered investment advisor. Previously, Huber worked for Huber Financial Advisors, which Savant acquired in 2020. Huber is active in the financial blogosphere with his blog bps and pieces.com. He has a bachelor's degree in finance from the Kelley School of Business at Indiana University and has earned both the Certified Financial Planner and Chartered Financial Analyst designations. Huber is also the author of a new book, The Allocator's Edge: A Modern Guide to Alternative Investments and the Future of Diversification.BackgroundBioSavant Wealth ManagementBps and piecesThe Allocator's Edge: A Modern Guide to Alternative Investments and the Future of DiversificationTrade Allocations and the Case for Alternatives"Evidence-Based Investing: Application and Monitoring," by Phil Huber, savantwealth.com, March 22, 2021."In Defense of Complexity," by Phil Huber, bpsandpieces.com, March 16, 2019."The Four C's of Investment Costs," by Phil Huber, bpsandpieces.com, Nov. 3, 2021."Inflation: Temporary or Here to Stay?" by Daniel G. Noonan, savantwealth.com, Sept. 15, 2021."Ask Meaningful Questions: Bonds and Alternatives," by Phil Huber, savantwealth.com, March 21, 2021.“The Elements of Diversification," by Phil Huber, bpsandpieces.com, Nov. 19, 2018.Retirees "Three Tips for Evidence-Based Retirement Plans," by Isaac Presley, cordantwealth.com, Nov. 29, 2017.Practice and Behavioral"Diversification Means Always Having to Say You're Sorry," by Brian Portnoy, forbes.com, March 9, 2015.Liquid Alts"Liquid Alts Revival?" by Phil Huber, bpsandpieces.com, April 7, 2021."Inside the Morningstar Style Box for Alternatives," by Jason Kephart, Morningstar.com, Oct. 30, 2017.Indexing and ETFs"Patrick O'Shaughnessy: 'Custom Indexing Unlocks a Lot of Benefits'," The Long View, Morningstar.com, May 12, 2021.Canvas"For a While, Bond Funds Were an Exception to the Indexing Rule," by Carla Fried, nytimes.com, Jan. 11, 2019."Around the ETF World in 80 Hours," by Phil Huber, bpsandpieces.com, Feb. 14, 2020. 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 Robin Wigglesworth. Robin is the Financial Times' global finance correspondent based in Oslo, Norway. He covers investing in markets with a focus on technological disruption and quantitative investing. He joined the FT as a Gulf correspondent in June 2008. Before that, he was a Nordic economics and politics correspondent for Bloomberg News. Robin is a graduate of City, University of London and received his master's in history of international relations from the London School of Economics and Political Science. Robin is here to discuss his new book, Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever.BackgroundBioTrillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance ForeverHistory of Indexing“Louis Bachelier: An Underappreciated Revolutionary,” historyofdatascience.com, June 3, 2021.Paul SamuelsonEfficient Market HypothesisRex SinquefieldDean LeBaronMac McQuownJack BogleJohn BrennanDimensional Fund Advisors Dan WheelerLarry FinkEugene FamaHarry MarkowitzBill SharpeBaby BellsTechnologyCowles Foundation for Research in Economics“Can Stock Market Forecasters Forecast?” by Alfred Cowles, yale.edu, 1933.The Beginning of ETFs“Passive Attack: The Story of a Wall Street Revolution,” by Robin Wigglesworth, FT.com, Dec. 19, 2018.“All That Drama About Fixed-Income ETFs Was Overplayed,” by Robin Wigglesworth, FT.com, April 21, 2020.Nate Most 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 Charles Rotblut. Charles is vice president at the American Association of Individual Investors, and he's also editor of the AAII Journal. Charles wrote the book Better Good Than Lucky, which was published in 2010. And he's a CFA charterholder.BackgroundBioAAII JournalBetter Good Than Lucky: How Savvy Investors Create Fortune With the Risk-Reward Ratio, by Charles RotblutAAIIPRISM Wealth-Building Process “Always Leave Home Without It: A Further Investigation of the Credit-Card Effect on Willingness to Pay,” by Drazen Prelec and Duncan Simester, Marketing Letters, NYtimes.com, June 8, 2000.“Aging’s Adverse Impact on Decision-Making,” by Charles Rotblut, aaii.com. AAII Investor Sentiment Survey“Meb Faber: ‘To Be a Good Investor, You Have to Be a Good Loser,’” The Long View Podcast, morningstar.com, Sept. 7, 2021.Investor Behavior“A Rules-Based Approach to Managing a Portfolio,” by Charles Rotblut, aaii.com, April 6, 2017.“A Process for Creating Your Own Investing Plan,” by Charles Rotblut, aaii.com. “Using the Power of the Written Word to Improve Your Returns,” by Charles Rotblut, cannonfinancial.com, September 2018.The National Weight Control Registry“Save More Tomorrow:™ Using Behavioral Economics to Increase Employee Saving,” by Richard H. Thaler and Shlomo Benartzi, journals.uchicago.edu, February 2004.“There’s a Brilliant Reason Why Van Halen Asked for a Bowl of M&Ms With all the Brown Candies Removed Before Every Show,” by Julie Zeveloff, businessinsider.com, Sept. 7, 2016.“Avoid the Psychological Traps of the Market With The Dreman Screen,” by Charles Rotblut, forbes.com, Oct. 6, 2021.Investing at Level 3, by James Cloonan“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, kitces.com, Oct. 5, 2016.“Managing Sequence of Return Risk With Bucket Strategies Vs. a Total Return Rebalancing Approach,” by Michael Kitces, kitces.com, Nov. 12, 2014. 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 Bob Seawright. Bob is chief investment and information officer at Madison Avenue Securities, a Registered Investment Advisorand broker/dealer based in San Diego, California. Bob has received a number of accolades through the years but is perhaps best known for his popular newsletter, "The Better Letter," where he writes about a wide range of topics, including human behavior, decision-making, and investing. Before coming to the finance industry, Bob was a practicing lawyer. He later joined Merrill Lynch, where he worked as a financial advisor until joining Madison in 2010. Bob earned his bachelor's degree from the State University of New York at Fredonia, his J.D. from Duke University, and is a CFA charterholder. BackgroundBioThe Better LetterHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, by Joshua Brown and Brian PortnoyUbiquity: Why Catastrophes Happen, by Mark BuchananTerrance Odean: “The Average Investor Is His Own Worst Enemy,” Forbes.com, June 10, 2010.Confirmation Bias and Addition by Subtraction“The Better Letter: Believing Is Seeing,” by Bob Seawright, betterletter.substack.com, May 21, 2021.The Geometry of Wealth: How to Shape a Life of Money and Meaning, by Brian Portnoy“A Hierarchy of Advisor Value,” by Bob Seawright, RPSeawright.wordpress.com, Feb. 12, 2016. “The Better Letter: Addition by Subtraction,” by Bob Seawright, betterletter.substack.com, July 30, 2021.Error Avoidance“Investors’ 10 Most Common Behavioral Biases,” by Bob Seawright, RPSeawright.wordpress.com, July 16, 2012.“Not Stupid Wins,” by Bob Seawright, RPSeawright.wordpress.com, Dec. 20, 2019.“The Better Letter: Crash Protection,” by Bob Seawright, betterletter.substack.com, Sept. 24, 2021.“Forecasting Follies 2020,” by Bob Seawright, RPSeawright.wordpress.com, Jan. 2, 2020.Skill Versus Randomness“The Better Letter: Randomness Rules,” by Bob Seawright, betterletter.substack.com, July 16, 2021.“The Better Letter: Process, Probability, and Power,” by Bob Seawright, betterletter.substack.com, Aug. 14, 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 author and blogger Fritz Gilbert. Fritz spent more than 30 years in corporate America, before retiring at age 55. He and his wife moved to a cabin in the Georgia mountains, where they enjoy community involvement and charity work. Fritz has been writing about the experience and giving advice at his blog, theretirementmanifesto.com. He also wrote a book about retirement, called Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years.BackgroundBioTwitter: https://twitter.com/RetireManifestoWhat I've Learned From 2 Years of Retirement, by Fritz Gilbert; June 3, 2020Wise Advice for a Successful Retirement, by Fritz Gilbert; April 22, 2020Freedom for Fido, by Fritz Gilbert; May 7, 2019Freedom for Fido websiteThe Dark Side of Retirement, by Fritz Gilbert; Nov. 19, 2019The One Retirement Question Project, by Fritz Gilbert; May 18, 2018The Wall Street Journal. Complete Retirement Guidebook: How to Plan It, Live It and Enjoy It Karsten Jeske/Early Retirement NowThe Safe Withdrawal Rate SeriesKarsten Jeske: Cracking the Code on Safe Withdrawal Rates. The Long View podcast. Oct. 13, 2020. Retirement Readiness10 Steps to Make Sure You Have Enough Money to Retire, by Fritz Gilbert; May 26, 202120 Steps to Take in the Year Before Retirement, by Fritz Gilbert; Jan. 2, 2019The Ultimate Pre-Retirement Checklist, by Fritz Gilbert; March 27, 2018How To Build a Retirement Paycheck From Your Investments, by Fritz Gilbert; Oct. 4, 2016Retirement: Decumulation and InvestmentsHow to Manage the Bucket Strategy, by Fritz Gilbert; Jan. 15, 2020A Step-By-Step Guide for Your Annual Financial Update, by Fritz Gilbert; Jan. 1, 2020Our Retirement Investment Drawdown Strategy, by Fritz Gilbert; June 20, 2017How to Move Your Retirement From Good to Great in 7 Days, by Fritz Gilbert; May 31, 2017 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 author Zachary Karabell. He’s written numerous books about global history, economics, and politics. His latest is called Inside Money: Brown Brothers Harriman and the American Way of Power. BackgroundBio WebsiteTwitter: @zacharykarabellThe Progress NetworkBrown Brothers Harriman Career/InvestingInside Money: Brown Brothers Harriman and the American Way of Power, by Zachary Karabell, 2021.“Zachary Karabell: How a Boring Bank Shaped the Rise of American Power," by Jane Wollman Rusoff, ThinkAdvisor.com, July 30, 2021.The Leading Indicators: A Short History of the Numbers That Rule Our World, by Zachary Karabell, 2014."Capitalism Doesn’t Have to Be This Way," by Zachary Karabell, The Atlantic, May 21, 2021.“The Capitalist Culture That Built America,” by Zachary Karabell, The Wall Street Journal, May 14, 2021.“Fannie, Freddie, and the Destructive Dream of the 'Ownership Society,’ ” by Zachary Karabell, The Atlantic, Aug. 10, 2013.“A House Is a Home--Not an Investment,” by Zachary Karabell, The Atlantic, Sept. 13, 2013.C-Span Inside Money, hosted by Museum of American Finance in New York City, July 14, 2021. ChinaSuperfusion: How China and America Became One Economy and Why the World's Prosperity Depends on It, by Zachary Karabell, 2009“Trump Got China All Wrong. Now Biden Is Too,” by Zachary Karabell, Foreign Policy, March 24, 2021“China’s Didi Crackdown Isn’t All That Different From U.S. Moves Against Big Tech,” by Zachary Karabell, Time, July 9, 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 this week is the Dhananjay Phadnis. DJ is the manager of the Fidelity Sustainable Asian Equity strategy, which he has run since 2013. DJ joined Fidelity as an analyst in 2004 and has served in a number of roles during his tenure, including stints managing Fidelity Indonesia Fund as well as Fidelity's director of research in Hong Kong. DJ graduated from Pune University in India and holds a postgraduate degree in management from the Indian Institute of Management. He is a CFA charterholder and an associate of the Institute of Chartered Accountants of India.BackgroundBioFidelity Sustainable Asia Eq A-Dis-EURChina“Fund Update--Sustainable Asia Equity,” by Dhananjay Phadnis, fidelity.co.uk.com, Aug. 25, 2021.“Capitalising on Asia’s Sustainability Transition,” by Dhananjay Phadnis, fidelity.co.uk.com, July 12, 2021.“On the Hunt for Sustainable Growth in Asia,” by Dhananjay Phadnis, fidelity.co.uk.com, April 21, 2021.“Seven Themes That Investors in Emerging Asia Have to Watch,” by Gary Jackson, trustnet.com, Feb. 15, 2019.ESG“Sustainability Is Key for Value Creation,” by Dhananjay Phadnis and Flora Wang, fidelityinternational.com, March 2, 2021.“DJ Phadnis: A Commitment to Sustainable Practices Can Improve Long-Term Value,” YouTube video, Fidelity International, March 25, 2021.“An Active Approach to ESG Investing Is Key for Investors Trying to Drive Sustainable Change in Asia,” by Dhananjay Phadnis, linkedin.com, Sept. 20, 2021.“Investors Eye Early Stage Sustainability,” esgclarityasia.com, July 15, 2021.“ESGenius: A Sustainability Lens Can Help Discern the Trends That Matter,” by Dhananjay Phadnis, fidelityinternational.com, June 10, 2020.Investing and Stocks“Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,’” The Long View Podcast, Morningstar.com, April 21, 2021.“Martin Lau: Now Is a Better Time to Buy China,” The Long View Podcast, Morningstar.com, Aug. 3, 2021.“Asia Equities: Bottom-Up, Stock Specific Opportunities Abound,” by Dhananjay Phadnis, fidelity.com.“Macau, China’s Casino Capital, Has Enjoyed a Decades-Long Winning Streak. It Might Finally End,” by Eamon Barrett, fortune.com, Sept. 16, 2021. 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 Tadas Viskanta. Tadas is the director of investor education at Ritholtz Wealth Management. He's also the founder and editor of the popular financial and investing blog Abnormal Returns, which he launched in 2005. Tadas is the author of the book Abnormal Returns: Winning Strategies from the Frontlines of the Investment Blogosphere and has coauthored a number of papers that have appeared in esteemed academic publications like the Financial Analysts Journal. Tadas earned his bachelor's degree in economics and political science from Indiana University and his MBA from the University of Chicago Booth School of Business.BackgroundBioAbnormal ReturnsTwitter: @abnormalreturnsAbnormal Returns: Winning Strategies From the Frontlines of the Investment Blogosphere by Tadas ViskantaInvestor Education“Financial Literacy vs. a Fiduciary Standard: Which Matters More?” by Tadas Viskanta, abornormalreturns.com, May 26, 2019. “What Has the Stock Market Taught Us Since 2010? ” by Ben Carlson, awealthofcommonsense.com, Sept. 10, 2021.Content“Earning the Permission of Your Audience,” by Tadas Viskanta, abnormalreturns.com, Feb. 21, 2021.“Keys to Social Media Success: Curiosity, Conversation, and Patience,” by Sloane Ortel, cfainstitute.org, May 15, 2016.HumbleDollarJonathan ClementsThe Rational Reminder Podcast Retirement Planning and Personal Finance“Don’t Short-Circuit Your Financial Plan With an Inflexible Spending Rule,” by Tadas Viskanta, abnormalreturns.com, July 31, 2019.“Shifting Gears in Retirement Isn’t Easy,” by Tadas Viskanta, abnormalreturns.com, Nov. 23, 2019.“Social Influence and the Rise of Index Investing,” by Tadas Viskanta, medium.com, Feb. 12, 2017.Canvas platform, O'Shaughnessy Asset Management“Not All That Glitters Is Gold With Tadas Viskanta,” ycharts.com, 2021.OtherThe Success Equation: Untangling Skill and Luck in Business, Sports, and Investing, by Michael J. Mauboussin“Consilient Observer,” by Michael Mauboussin and Dan Callahan 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 Lynnette Khalfani-Cox. She's a personal finance expert, speaker, and author of 15 money-management books, including The New York Times best-seller, Zero Debt: The Ultimate Guide to Financial Freedom. Khalfani-Cox and her husband co-own TheMoneyCoach.net, which offers financial education consulting services, courses, and workshops. Before starting TheMoneyCoach.net, Khalfani-Cox was a Wall Street Journal reporter for CNBC, where she covered business and personal finance news. She spent nearly 10 years at Dow Jones & Company working as a reporter, bureau chief, deputy managing editor, and personal finance editor. She received her undergraduate degree from the University of California at Irvine, and her master's degree in broadcast journalism from the University of Southern California. BackgroundBioTheMoneyCoach.netBooks by Lynnette Khalfani-Cox Improving the Racial Wealth Gap"Here's What the 'Black Tax' Does to so Many Families--Including Mine," by Lynnette Khalfani-Cox, Vox, March 24, 2021."How Income and Savings Affect the Racial Wealth Gap," by Steve Wendel, Morningstar.com, Aug. 27, 2021. "100 Must-Know Statistics about Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020. "Why the Racial Wealth Gap Exists, and What You Can Do About It," by Nicole Dieker, Haven Life, July 10, 2020."3 Ways to Close the Racial Wealth Gap After the Pandemic," by Kemberley Washington, Forbes, June 10, 2021."A Lesson in Economic Violence," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com."Financial Advice During the COVID-19 Pandemic," by Lynnette Khalfani-Cox, aalbc.com, May 30, 2020."How to Set Money Boundaries With Your Family," Meena Thiruvengadam, Yahoo News, Sept. 8, 2021.Ariel-Schwab Black Investor Survey "A Money Expert Who Bought her Daughter an Apartment for College Said It Worked So Well She's Doing the Same Thing for her Son," by Liz Knueven, Business Insider, Sept. 24, 2019."Are You Ready for Homeownership?" by Lynnette Khalfani-Cox, AskTheMoneyCoach.com. "Are You a Victim of Financial Abuse?" by Lynnette Khalfani-Cox, AARP. College Funding"What to Do If You Can No Longer Afford to Pay for College Due to COVID-19," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com."Student Debt Sinks Retirees," by Lynnette Khalfani-Cox, AARP, April 18, 2017."Seven Ways to Pay Off Your Student Loans," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com."Tackling Student Loan Debt," by Lynnette Khalfani-Cox, AARP."Are Your Kids Making You Broke?" by Lynnette Khalfani-Cox, AARP, January 2013.“7 Financial Tips for Parents of College Students," by Lynnette Khalfani-Cox, AskTheMoneyCoach.com.Financial Wellness and Education"7 Tips for Tackling Your Credit Card Debt, From Someone Who Paid Off $100,000 in 3 Years," by Elizabeth Gravier, CNBC, June 1, 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 Professor Hal Hershfield. Dr. Hershfield is Professor of Marketing, Behavioral Decision Making, and Psychology at UCLA's Anderson School of Management. His research concentrates on the psychology of long-term decision-making and how people's perceptions of the passage of time affect the decisions that they make. He has consulted with numerous organizations including Prudential, the Consumer Financial Protection Bureau, Merrill Lynch, and the Principal Financial Group. He received his B.A. at Tufts University and his Ph.D. at Stanford.BackgroundBioThe Pandemic“How Elvis Got Americans to Accept the Polio Vaccine,” by Hal Hershfield and Ilana Brody, scientificamerican.com, Jan. 18, 2021.“Should You Immerse Yourself in Bad News These Days or Ignore It Completely?” by Hal Hershfield, scientificamerican.com, May 5, 2020.“How to Craft the Vaccine Message for the Undecided,” by Bill Kisliuk, ucla.edu, May 4, 2021.“Your Messaging to Older Audiences Is Outdated,” by Hal Hershfield and Laura Carstensen, harvardbusinessreview.org, July 2, 2021.“Time Is Meaningless Now,” by Shayla Love, vice.com, April 10, 2020.Saving for the FutureDaniel Kahneman“Temporal Reframing and Participation in a Savings Program: A Field Experiment,” by Hal Hershfield, Stephen Shu, and Shlomo Benartzi, halhershfield.com, 2020.“Using Vividness Interventions to Improve Financial Decision Making,” by Hal E. Hershfield, Elicia M. John, and Joseph S. Reiff, halhershfield.com, 2018.“Increasing Saving Behavior Through Age-Progressed Renderings of the Future Self,” by Hal Hershfield, Daniel Goldstein, William Sharpe, Jesse Fox, Leo Yeykelis, Laura Carstensen, and Jeremy Bailenson, halhershfield.com, 2011. “The Future Self,” by Hal E. Hershfield and Daniel Bartels, uchicago.edu, 2018.“Beliefs About Whether Spending Implies Wealth,” by Heather Barry Kappes, Joe J. Gladstone, and Hal Hershfield, londonschoolofeconomics.com, 2020.“Seeking Lasting Enjoyment With Limited Money: Financial Constraints Increase Preference for Material Goods Over Experiences,” by Stephanie M. Tully, Hal E. Hershfield, and Tom Meyvis, halhershfield.com, 2015.“Do Images of Older Americans Reinforce Stereotypes?” by Colette Thayer and Laura Skufca, aarp.org, September 2019.Retirement and Older Adults“People Search for Meaning When They Approach a New Decade in Chronological Age,” by Adam Alter and Hal Hershfield, halhershfield.com, 2014.Mike North“You Owe It to Yourself: Boosting Retirement Saving With a Responsibility-Based Appeal,” by Christopher J. Bryan and Hal E. Hershfield, halhershfield.com, 2012. 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 Laura Carstensen. She is professor of psychology at Stanford University, where she is the Fairleigh S. Dickinson Professor in Public Policy and founding director of the Stanford Center on Longevity. Her research focuses on the motivational and emotional changes that occur with age and the influence such changes have on cognitive processing. She is the author of a A Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity. She received her bachelor's degree from the University of Rochester, and her Ph.D. in clinical psychology from West Virginia University.BackgroundBioStanford Center on LongevityA Long Bright Future: Happiness, Health, and Financial Security in an Age of Increased Longevity, by Laura Carstensen, Ph.D.The Pandemic“Age Advantages in Emotional Experience Persist Even Under Threat From the COVID-19 Pandemic,” by Laura L. Carstensen, Yochai Z. Shavit, and Jessica T. Barnes, journals.sagepub.com, Oct. 26, 2020.“A Life-Course Model for Healthier Ageing: Lessons Learned During the COVID-19 Pandemic,” by Laura L. Carstensen, Ashley Jowell, and Michele Barry, ncbi.nlm.nih.gov, October 2020.Longevity“Growing Old or Living Long: Take Your Pick,” by Laura L. Carstensen, issues.org, Winter 2007.“Laura Carstensen’s TED Talk: Older People Are Happier,” ted.com, April 2012.“Retire at 80!—So Says University Professor and Longevity Expert,” by Perry Brissette, perrybrissette.medium.com, July 4, 2018.“Opinion: We Need a Major Redesign of Life,” by Laura Carstensen, washingtonpost.com, Nov. 29, 2019.“Longevity and Retirement: An Expert on Aging Explains How Retirement Is Being Redefined,” Fidelity Viewpoints, fidelity.com, Feb. 3, 2021.“Boomers: Less Tied to Friends and Family as Others Are,” by Laura L. Carstensen, nextavenue.org, May 31, 2016. “Exercise Holds Immediate Benefits for Affect and Cognition in Younger and Older Adults,” by Candace L. Hogan, Jutta Mata, and Laura L. Carstensen, pubmed.ncbi.nlm.nih.gov, June 2013.“How Merrill Lynch Is Planning for Its Customers to Live to 100,” by Susan Wilner Golden and Laura L. Carstensen, harvardbusinessreview.org, March 4, 2019.“There’s a New Way of Living Thanks to Longevity,” wealthchoice.com, May 16, 2019.“Selective Narrowing of Social Networks Across Adulthood Is Associated With Improved Emotional Experience in Daily Life,” by Laura L. Carstensen and Tammy English, researchgate.net, March 2014. “Leveraging Goals to Incentivize Healthful Behaviors Across Adulthood,” by Laura L. Carstensen, Teja Chemudupati, Jessica T. Barnes, Candice L. Hogan, and Sarah Raposo, researchgate.net, July 2020.Cognitive Decline“Selective Narrowing of Peripheral Social Networks Predicts Poor Long-Term Cognition in Old Age,” by Laura L. Carstensen, Hsiao-Wen Liao, and Yochai Shavit, researchgate.net, November 2019.“Integrating Cognitive and Emotion Paradigms to Address the Paradox of Aging,” by Laura L. Carstensen, researchgate.net, November 2018.“The Theory Behind the Age-Related Positivity Effect,” by Laura L. Carstensen and Andrew E. Reed, frontiersinpsychology.org, Sept. 27, 2012.“The Positivity Effect: A Negativity Bias in Youth Fades With Age,” by Laura L. Carstensen and Marguerite DeLiema, researchgate.net, February 2018.“Alternative Retirement Paths and Cognitive Performance: Exploring the Role of Preretirement Job Complexity,” by Laura L. Carstensen, Dawn C. Carr, Robert Willis, and Ben Lennox Kail, thegerentologist.com, April 2020.Messaging to Older AdultsHal Hershfield“Your Message to Older Adults Is Outdated,” by Hal Hershfield and Laura L. Carstensen, harvardbusinessreview.org, July 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 guest this week is Meb Faber. He is co-founder and chief investment officer of Cambria Investment Management, which manages exchange-traded funds and separate accounts. In addition to his duties at Cambria, Faber is a prolific author who has written influential books on tactical allocation and endowment-styled investing, among other published works. He also hosts the popular Meb Faber Show podcast, is an active participant in financial Twitter, and is the architect of The Idea Farm, a web-based research resource he developed for investors. Faber is an experienced angel investor in small, private businesses as well as an investor in alternative assets like farmland and rare coins. He graduated from the University of Virginia with a dual major in engineering science and biology.BackgroundBioBooksThe Meb Faber Show podcast@MebFaberThe Idea FarmCelera Corporation GattacaRichard ThalerJames Montier Current Environment and Market ValuationsTriumph of the Optimists, by Elroy Dimson"The Best way to Add Yield to Your Portfolio," by Meb Faber, mebfaber.com, July 6, 2017."Should a Robot Be Managing CalPERS Portfolio?" by Meb Faber, mebfaber.com, June 8, 2015."Should Harvard’s Endowment Be Managed by a Robot?" by Meb Faber, mebfaber.com, Sept. 29, 2016.Jim Rogers "I Don’t Feel Overweight," by Meb Faber, mebfaber.com, July 8, 2019."The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020."Designing a Portfolio With Crypto, Cannabis, and Value in Mind," by Evie Liu, barrons.com, July 1, 2021."Stocks Are Allowed to Be Expensive Since Bonds Are Low…Right?" by Meb Faber, mebfaber.com, Jan. 6, 2021.Twitter thread on contrarian investment beliefs "Journey to 100x," by Meb Faber, mebfaber.com, July 1, 2021."Stock Market Valuations," by Meb Faber, mebfaber.com, March 21, 2020.Shiller P/E RatioResearch AffiliatesAAII Sentiment Survey Galapagos: A Novel, by Kurt VonnegutTrend-Following"A Quantitative Approach to Tactical Asset Allocation," by Meb Faber, papers.ssrn.com, Feb. 1, 2013."How Does a Market Get Cheap? The P in P/E," by Meb Faber, mebfaber.com, April 4, 2016."OPTO Sessions: Meb Faber on Spotting Market Bubbles," cmcmarkets.com, Aug. 28, 2020."The Biggest Valuation Spread in 40 Years?" by Meb Faber, mebfaber.com, Jan. 25, 2019."The Case for Global Investing," by Meb Faber, mebfaber.com, Jan. 10, 2020."Is Buying Stock at an All-Time High a Good Idea?" by Meb Faber, mebfaber.com, Nov. 4, 2019."You Would’ve Missed 961% in Gains Using The CAPE Ratio, and That’s a Good Thing," by Meb Faber, mebfaber.com, Jan. 6, 2019.Global Asset Allocation, by Meb FaberDow Theory "Diversify, Tilt, Relax--Meb Faber’s Case for Global Investing," by Aaron Neuwirth, efttrends.com, Jan. 14, 2020."FAQs on Share Buybacks for Lawmakers, Journalists, and Investors," by Meb Faber, mebfaber.com, Aug. 5, 2019.Qualified Small Business Stock (QSBS)AngelList Unclaimed.orgThe Coffee Can Portfolio," by James Kirby, csinvesting.org, Fall 1984.Favorite Interviews"Episode #39: Ed Thorp, Hedge Fund Manager, Author, & Professor, ‘If You Bet Too Much, You’ll Almost Certainly Be Ruined,’" The Meb Faber Show, mebfaber.com, Feb. 8, 2017."Episode #343: Dr. Nathan Myhrvold, Intellectual Ventures, ‘Pizza in the United States Is What Convinced the World That Pizza Was a Great Thing,’" The Meb Faber Show, mebfaber.com, Aug. 25, 2021. 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 psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel has written numerous books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and The Secret to Investor Success, and You're Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science and doctorate at Brigham Young University. BackgroundBioThe Behavioral Investor, by Daniel CrosbyThe Laws of Wealth: Psychology and the Secret to Investor Success, by Dr. Daniel CrosbyYou’re Not That Great, by Daniel Crosby, Ph.D.Standard Deviations podcastOrion Advisor Solutions Current Environment“3 Tips to Handle Financial Peer Pressure With Ease,” ally.com, Aug. 18, 2021.“Loneliness and Social Isolation as Risk Factors for Mortality: A Meta-Analytic Review,” by Julianne Holt-Lunstad and Timothy Smith, scholarsarchive.byu.edu, 2015.“Episode #337: Professor Richard Thaler, University of Chicago, ‘When Somebody Would Fire Us, It Was Almost Always at Exactly the Wrong Time,’” The Meb Faber Show podcast, mebfaber.com, Aug. 4, 2021.“Help Wanted: How Investor Behavior Is Rewriting the Job Description of Financial Professionals,” Natixis Global Survey of Individual Investors, fa-mag.com, 2016.Orion Advisor TechnologyBetterment“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.Pandemic“The Strange Psychology of COVID-19 and Investor Behavior,” by Daniel Crosby, Kiplinger.com, Aug. 11, 2020.“Daniel Crosby: Investing Rules for Uncertain Times,” by Daniel Crosby, investec.com, June 4, 2020.“When It Rains,” by Daniel Crosby, blog.brinkercapital.com, 2020.“How COVID-19 Will Impact the Future of Investor Behavior,” by Daniel Crosby, blog.brinkercapital.com, 2020.Behavioral Finance and Investing“Daniel Crosby on the Three E’s of Behavioral Investing,” financialplanningassociation.org, August 2021.“The BIG List of Behavioral Nudges,” by Daniel Crosby, blog.brinkercapital.com, 2019. “Robert Shiller: 'Wild West' Mentality Is Gripping Housing, Stocks and Crypto,” by Stephanie Landsman, cnbc.com, May 24, 2021.“Dr. Daniel Crosby’s Three Drivers of Human Behavior,” E-book by Daniel Crosby, orionadvisortech.com. “The Formula for Happiness: Wanting What You Have,” by Daniel Crosby, blog.brinkercapital.com, 2019.“Can Money Buy Happiness? Sort Of,” by Daniel Crosby, linkedin.com, July 19, 2016.“What Is the PERMA Model?” corporatefinanceinstitute.com.Denise ShullDaniel KahnemanStandard Deviations Podcast“Christine Benz--Goals Based Approaches to Retirement,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, April 11, 2019.“Morgan Housel--The Psychology of Money,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, Sept. 4, 2019. “Jim O’Shaughnessy--What Works on Wall Street,” Standard Deviations podcast with Daniel Crosby, podcasts.apple.com, Aug. 14, 2019. 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 Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth management firms with investment decision-making, strategic planning, and succession. Previously, he was a chief strategist at Global Macro LP and a chief investment officer in charge of manager due diligence and asset allocation for a multi-billion-dollar advisory practice. Falk has authored or coauthored several books, including Let's All Learn How to Fish To Sustain Long-Term Economic Growth, Get to Work on OUR Future, and Money, Meaning, and Mindsets. He is a frequent public speaker and is also a CFA charterholder. BackgroundBioLet's All Learn How to Fish … To Sustain Long-Term Economic Growth, by Michael FalkGet to Work … On OUR Future, by Michael FalkMoney, Meaning, and Mindsets: Radical Reform for the Investment Industry, by Michael Falk"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.Retirement and Target-Date Funds"Psychological Safety & Career Risk in the Investment Management Industry," by Michael Falk and Bob Schmidt, Brandes Institute, February 2020.“Enough About the Assets, Already!" by Michael Falk, Retirement InSight and Trends, 2014."Falk: Immunize Your Retirement Portfolio Before Optimizing," Morningstar.com, June 30, 2014."Off With Your (Rules of) Thumbs!" by Michael Falk, Retirement InSight and Trends, 2015."Target Date Fund Warning," by Terry Savage, terrysavage.com, July 6, 2021."Is Retirement Past Its Prime? The Economic & Behavioral Realities of Retirement," by Michael Falk, Retirement InSight and Trends, 2014."A Popular Retirement Rule of Thumb Isn't Wrong, but It Could Be Disruptive for Retirees," by Stephanie Yang, yahoo.com, July 9, 2014.Investments and Asset Allocation"Michael Falk: Emotional Intelligence as Investment Alpha," Standard Deviations With Dr. Daniel Crosby, Aug. 17, 2021."Still Learning to Fish: Three Years On," by Michael Falk, CFA Institute, Jan. 23, 2020."Everything You Need to Know About Investing," by Michael Falk, Investments & Wealth Monitor, November/December 2020."Taking Investment Teams From Good to Great," by Michael Falk, CFA Institute, Oct. 4, 2018."Michael Falk: I'll Never Buy Bonds Again, and You Shouldn't Either," Money Life With Chuck Jaffe, Dec. 31, 2020.Herfindahl-Hirschman Index"Crypto Dreamin'? The Good, the Bad, and the Ugly," by Michael Falk, CFA Institute, June 16, 2020."Green Carrots and Sticks: Incentivizing Climate Solutions," by Michael Falk and Joachim Klement, CFA Institute, June 23, 2021."An Alternative to the 60/40 Portfolio," by Ben Carlson, A Wealth of Common Sense, March 5, 2015."Michael Falk: How a Money Mind Deals With a Terminal Diagnosis," Money Life With Chuck Jaffe, Feb. 26, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.