The Long View

Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.BackgroundBioFabricA Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick BookstaberThe End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick BookstaberRisk Management Macro “7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.“Bill Bernstein: We’re Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017. “Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.“Building Forward-Looking Scenarios: Why You’re Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.Investments“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.Aladdin (BlackRock)“MSCI’s Principles of Sustainable Investing,” msci.com.Organization and Culture“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University.BackgroundBioLoaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah NewcombFinancial Education“Smart Shortcuts for the Good-Enough Investor,” by Sarah Newcomb, Morningstar.com, Sept. 3, 2019. “Can a Rule of Thumb Be a Shortcut to Financial Well-Being?” by Samantha Lamas, Morningstar.com, Jan. 25, 2021. “Keeping it Simple: Financial Literacy and Rules of Thumb,” by Greg Fischer, Alejandro Drexler, and Antoinette Schoar, findevgateway.org, July 1, 2010.“Making the Science Practical: Behavioral Interventions in Practice,” by Sarah Newcomb and Benjamin Cummings, researchgate.net, January 2019.“A Simple Plan for Financial Independence,” by Sarah Newcomb, Morningstar.com, Oct. 15, 2019.“The Complicated Art of Making Things Simple,” by Sarah Newcomb and Samantha Lamas, fa-mag.com, May/June 2017.“Sarah Newcomb: Understanding a Client’s Money Mindset in Order to Maximize Their Well-Being,” The Human Side of Money podcast with Brendan Frazier, audible.com, March 17, 2021.“Encouraging Action Through Design and Testing,” by Sarah Newcomb, slideshare.net, April 29, 2015.“Don’t Give Up on Financial Literacy Efforts,” investmentnews.com, Feb. 8, 2020.“Money Doesn’t Buy Happiness, but Power Might,” by Sarah Newcomb, medium.com, Jan. 13, 2017.“Coaching Clients to Teach Their Kids About Investing,” by Sarah Newcomb, investmentnews.com, Jan. 21, 2020.“How to Start Teaching Your Kids About Money,” by Sarah Newcomb and Samantha Lamas, Morningstar.com, Aug. 4, 2018.“What Is Mad Money?” by Keonhee Kim, Morningstar.com, April 6, 2021.“John Lynch: Rethinking Financial Education,” The Long View Podcast, Morningstar.com, Dec. 11, 2019.“Overcoming Clients’ Behavioral Biases Using Nudges, Smart Heuristics, and Behavioral Coaching,” by Michael Kitces, kitces.com, March 24, 2021.“Separating ‘Needs’ From ‘Wants’ Could Be Harming Your Financial Planning,” by Bill Keen, keenwealthadvisors.com, June 2, 2021.Financial Wellness and Tools “5 Financial Signs to Check Your Financial Independence,” by Sarah Newcomb, Morningstar.com, Jan. 16, 2020.“What Makes People Happy?” by Carla Fried, nny360.com, April 15, 2021.“Neighbors of Lottery Winners Are More Likely to Go Bankrupt,” by Leslie Albrecht, marketwatch.com, Oct. 21, 2018.“An Innovative Way to Face Retirement,” by Emily Brandon, money.usnews.com, Jan. 14, 2103.Hal Hershfield“Is Instagram Making You Poor?” by Sarah Newcomb, psychologytoday.com, Oct. 18, 2018. “How Stories Drive Financial Behavior--and What to Do About It,” by Sarah Newcomb, Morningstar.com, Sept. 14, 2020.Pandemic“Year in Review: Pandemic Edition,” by Sarah Newcomb, investmentnews.com, Dec. 3, 2020.“Sick of Uncertainty? Read This,” by Sarah Newcomb, morningstar.com, Nov. 3, 2020.“It’s the End of the World as We Know It,” by Sarah Newcomb, investmentnews.com, Oct. 8, 2020.Behavioral FinanceDaniel KahnemanRichard ThalerGerd Gigerenzer 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 Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including the FSSA Asian Equity Plus Fund, the FSSA China Growth Fund, and the FSSA Hong Kong Growth Fund. Martin has been in the investment business for nearly three decades and is based in Hong Kong. Morningstar's analysts have recognized Martin's achievements on a number of occasions, most recently in 2020, when they named the FSSA Hong Kong Growth Fund the winner of the Best Hong Kong Equity Fund Award. Martin earned a Bachelor of Arts degree from Cambridge University, as well as master’s degree in engineering from Cambridge. Martin is a CFA charterholder. Background BioFSSA Investment Managers Morningstar Global Fund Report: FSSA Asian Equity Plus Fund Class I FSSA China Growth Fund Class I FSSA Hong Kong Growth Fund Portfolio Management and Investing in China “Some Chinese Stocks Are Starting to Look Like Bargains. Where to Look,” by Reshma Kapadia, barrons.com, July 12, 2021. “Tencent’s Margins Are Going Down, and That’s Great News for Shareholders,” by Billy Duberstein, themotleyfool.com, May 23, 2021. “Chinese Internet Stocks Are Riding on China’s Rising Self-Reliance and Policy Changes,” seekingalpha.com, June 13, 2021. “Didi Global Considers Going Private to Placate China and Compensate Investors,” by Jing Yang, wsj.com, July 29, 2021. “Factbox: From Education to Bitcoin, China’s Season of Regulatory Crackdown,” reuters.com, July 27, 2021. “China’s New Rules Raise Risks for Private K-12 Education Companies,” fitchratings.com, June 17, 2021. “Tap Into the World’s Fastest Growing Markets by Investing Into High Quality Companies Driving Sustainable Growth Outcomes,” by Martin Lau, fssaim.com. Companies Mentioned in This Episode Tesla Tencent DiDi Alibaba Group Apple Google PetroChina China Mobile Industrial and Commercial Bank of China JP Morgan Wells Fargo China Merchants Bank Kuaishou ENN Energy Holdings Limited Nike ANTA Sports Fila 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 Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl. BackgroundBioThe Society of Advice videos “Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020.Behavior GapThe Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money by Carl RichardsThe One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl RichardsHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, edited by Joshua Brown and Brian Portnoy and illustrated by Carl Richards.Sketch GuyKitces & Carl PodcastReal Financial Planning“Learning to Deal With the Imposter Syndrome,” by Carl Richards, behaviorgap.com, Oct. 26, 2015.“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View Podcast, Morningstar.com, June 29, 2021.“Should You Buy Bitcoin? Ask a Different Question First,” by Carl Richards, nytimes.com, Jan. 5, 2018.“The Single Most Valuable Asset Is Trust,” by Carl Richards, behaviorgap.com.“The Value of an Advisor,” by Carl Richards, behaviorgap.com.Financial Planning ProcessStart With Why: How Great Leaders Inspire Everyone to Take Action, by Simon Sinek.Bill BachrachGeorge KinderDan Sullivan, Strategic CoachRescueTime“Carl Richards on How to Simplify Your Appointment Process and Build Trust by Asking Better Questions,” Podcast with Brad Johnson, Aug. 19, 2019.The Private Client Lawyer Now and in the Future, by Russ Alan Prince.Money Decisions“How Do You Define Enough?” by Carl Richards, behaviorgap.com.“How Much Is Enough?” by Carl Richards, behaviorgap.com.“Time Off Is a Prerequisite for Good Work (Not a Reward for It): An Interview With New York Times Columnist Carl Richards,” by Jory MacKay, blog.rescuetime.com, June 7, 2018.“Sure… #CrushIt. Then Get Some Rest,” by Carl Richards, behaviorgap.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of financial well-being at Brighton Jones. Before that she was director of wealth strategies for women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor's degree in American Studies from Wellesley College and her MBA from Harvard Business School.BackgroundBioMoneyZenOn My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar.Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar.Women in Investing/Financial Planning“The White House Report on Women: 3 Surprising Insights,” by Manisha Thakor, moneyzen.com, March 8, 2011.“Women Are Quitting: How We Can Curb the ‘She-Cession’ and Support Working Women,” by Margie Warrell, forbes.com, Jan. 26, 2021.“The 5 Most Common Mistakes Investors Make,” by Manisha Thakor, moneyzen.com, Oct. 7, 2013.“Growing Up Comfortable With Money,” by Candice Helfand-Rogers, thestoryexchange.org, June 5, 2014.Financial Wellness in Younger Generations and Couples“The Worst Financial Advice to Give to a College Grad,” by Manisha Thakor, wsj.com, June 18, 2015.“Gen X & Gen Y--Dialing Financial 911,” by Manisha Thakor, moneyzen.com, Sept. 29, 2010.“Priceless Financial Advice For Recent Graduates,” by Manisha Thakor, feminist.com.“The Math Behind a Pricey College Degree,” by Manisha Thakor, wsj.com, April 16, 2014.“Don’t Buy a Property Before Saying ‘I Do’,” by Manisha Thakor, wsj.com, Feb. 12, 2014.All Your Worth: The Ultimate Lifetime Money Plan, by Elizabeth Warren and Amelia Warren Tyagi.“What is the 50/20/30 Budget Rule?” by Eric Whiteside, Investopedia.com, Oct. 29, 2020.“The Beauty of a Budget,” by Manisha Thakor, moneyzen.com, March 18, 2013.“The Quiet Wisdom of Saving,” by Manisha Thakor, moneyzen.com, Dec. 8, 2011.“Manisha Thakor on Managing Money in Uncertain Times,” by Kathleen Harris, thecru.com, April 10, 2020.“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View Podcast, Morningstar.com, May 19, 2021.Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez.“The Marriage of Love & Money: How to Protect Yourself From Financial Heartbreak,” by Manisha Thakor, moneyzen, May 6, 2013.“How to Become a Financially Compatible Couple,” by Manisha Thakor, wsj.com, Feb. 13, 2015.Financial Advice“Finding the Right Advisor: It’s Complicated,” by Jim Pavia, cnbc.com, Jan. 15, 2015.“Reboot Your Finances: A 3-Part Workshop for Women,” with Manisha Thakor, eomega.org.EllevestBettermentXY Planning NetworkMental Health“Slow Down to Do More: ‘Enjoy Life’ With Manisha Thakor,” by Ben Ari, thriveglobal.com, April 24, 2020.“Walking the Tightrope Between Workaholism and Mental Health,” mmlafleur.com, April 5, 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 this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.BackgroundBioOakmark FundsOakmark Global InvestorOakmark Global Select Investor Oakmark International InvestorOakmark International Small Cap Investor Macro“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020. “The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia, barrons.com, May 21, 2021.“Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long, oakmark.com, July 8, 2021.“Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu, oakmark.com, July 8, 2021.“Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli, oakmark.com, July 8, 2021.“Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance, oakmark.com, July 8, 2021.Financials“The Case for European Financials,” by David Herro, Jason Long, and Justin Hance, oakmark.com, March 24, 2020.“Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.“David Herro Comments on Glencore,” by Sydnee Gatewood, gurufocus.com, July 9, 2020.“David Herro on CNBC’s ‘Closing Bell,’” oakmark.com, Jan. 1, 2021.“David Herro on ‘Squawk on the Street,’” oakmark.com, June 24, 2021. “Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos, citywireusa.com, March 30, 2021.“Major Credit Suisse Investor Mulling Exit?” by Katharina Bart, finews.com, April 1, 2021.“Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick, wsj.com, April 26, 2021. ESG“Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis, Morningstar.com, May 18, 2021. “Manager Adopts Climate Measures After Investor Pressure,” Bloomberg.com, April 7, 2020.NaspersProsus Exor 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 Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.BackgroundBioPhysician on FIREEarly Retirement Lifestyle and Financial Considerations“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast, Morningstar.com, Oct. 14, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020. “Chris Mamula: What Young Retirees Need to Know,” The Long View podcast, Morningstar.com, Jan. 15, 2020. Afford AnythingThe White Coat Investor“Choose FI Over Fire,” by Leif Dahleen, physicianonfire.com.“The Most Important Factor in Retirement Withdrawal Plans,” by Leif Dahleen, physicianonfire.com.“How Early Retirement Prepared Us for the Pandemic,” by Leif Dahleen, thephysicianphilosopher.com. “How to Get Wealthy Investing in a Bear Market,” by Leif Dahleen, physicianonfire.com.“Asset Location and Making Your Money Last in Early Retirement,” by Leif Dahleen, physicianonfire.com.“Prices Are Rising. Should We Be Worried About Inflation?” by Leif Dahleen, physicianonfire.com“Social Security & Early Retirement 2021: Know Your Bend Points!” by Leif Dahleen, physicianonfire.com.“5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations,” whitecoatinvestor.com, March 30, 2021.Real Estate and Passive Income Sources “12 Passive Income Ideas for 2020 and Beyond,” by Leif Dahleen, physicianonfire.com.“My 5 Current and 3 Future Passive Income Streams,” by Leif Dahleen, physicianonfire.com.Taxes“Taxes on a Million Dollars of Earned Income,” by Leif Dahleen, physicianonfire.com.“Top 10 Ways to Lower Your Taxes,” by Leif Dahleen, physicianonfire.com.TurboTaxCharitable Giving“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar.com, May 17, 2021.“Giving Faceoff: Charitable Remainder Trust (CRT) Versus Donor Advised Fund (DAF),” by Leif Dahleen, physicianonfire.com.“A Gift on Giving Tuesday: $100 to 100 of Your Favorite Charities,” by Leif Dahleen, physicianonfire.com.“DAF Giving Tutorial From Fidelity and Vanguard Charitable,” by Leif Dahleen, physicianonfire.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast this week is The Wall Street Journal columnist and author Jason Zweig. Jason became a personal finance columnist for The Wall Street Journal in 2008. His weekly column, “The Intelligent Investor,” is a must-read for people inside and outside of the investment industry. Jason is also the editor of the revised edition of Benjamin Graham's The Intelligent Investor. And he is the author of Your Money and Your Brain, which explores the neuroscience of investing. He also wrote the Devil's Financial Dictionary, which is a satirical glossary of Wall Street. BackgroundBioJason’s twitter handle: @jasonzweigwsjYour Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich The Devil’s Financial DictionaryIntelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel Life and Fate by Vasily GrossmanPalace Walk: The Cairo Trilogy by Naguib MahfouzThe Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan HouselMatt Levine, Bloomberg Opinion ColumnistJesse Livermore, Philosophical EconomicsNick Maggiulli, Ritholtz Wealth ManagementMichael Batnick, Ritholtz Wealth ManagementBen Carlson, Ritholtz Wealth ManagementJoe Weisenthal, BloombergTracy Alloway, BloombergRobin Wigglesworth, Financial TimesResearch Institute: Credit Suisse Global Investment Returns, Yearbook 2021 Summary Edition Georgarakos, D. & Pasini, G. 2011. “Trust, Sociability and Stock Market Participation,” Review of Finance, Vol. 15, No. 4, P. 693. Thinking, Fast and Slow by Daniel Kahneman“Investment Policy and the Competent Stranger,” speech by Charles D. Ellis, empireclub.org, April 7, 1988.Feynman, R.P. 1974.“Cargo Cult Science,” Engineering and Science.BogleheadsInvesting“Stock Market 101: Teaching the Wrong Lessons?” by Jason Zweig, Jasonzweig.com, May 8, 2015.“How to Keep Your Cool When Markets Are Sizzling,” by Jason Zweig, wsj.com, April 23, 2021.“Why You Shouldn’t Buy Bitcoin When You’re Hungry,” by Jason Zweig, wsj.com, May 21, 2021. “You Can’t Invest Without Trading. You Can Trade Without Investing,” by Jason Zweig, wsj.com, June 18, 2021.“Robinhood Trader’s Battle Cry: ‘It’s All Just a Game to Me,' " by Jason Zweig, wsj.com, March 26, 2021. “Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,' " The Long View Podcast, morningstar.com, April 20, 2021.ETFs and Index Funds“The Stock Got Crushed. Then the ETFs Had to Sell,” by Jason Zweig, Jasonzweig.com, Jan. 31, 2020.“The Story Behind the Market’s Hottest Funds,” by Jason Zweig, wsj.com, Jan. 15, 2021.“ETFs: What They Are and How They Can Fit Into Your Investment Portfolio,” by Jason Zweig, wsj.com, May 20, 2021.Retirement“Jason Zweig’s Proposal to Scrap 401(k)s,” by John Rekanthaler, Morningstar.com, Feb. 26, 2019.“Wishful Thinking in a World Without Yield,” by Jason Zweig, wsj.com, June 18, 2021. “The Safe, High-Return Trade Hiding in Plain Sight,” by Jason Zweig, wsj.com, May 28, 2021.“The Funds That Make You Buy Low and Sell High,” by Jason Zweig, wsj.com, Aug. 30, 2019.Financial Advice“The Intelligent Investor: Saving Investors From Themselves,” by Jason Zweig, wsj.com, July 1, 2013.“The First Line of Investing Defense? You,” by Jason Zweig, wsj.com, March 8, 2019.“Looking for a Financial Planner? The Go-To Website Often Omits Red Flags,” by Jason Zweig and Andrea Fuller, wsj.com, July 30, 2019.“Financial Advisor Fee Trends and the Fee Compression Mirage,” by Michael Kitces, kitces.com, Feb. 8, 2021. “Want to Get Rich Quick? Who Can Stop You?” by Jason Zweig, wsj.com, May 7, 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 former Vanguard CEO, Jack Brennan. Jack is the author of a new book, More Straight Talk on Investing, which he cowrote along with John Woerth. He is also author of Straight Talk on Investing, which was published in 2004. Jack served as the CEO of Vanguard from 1996 to 2008 and was chairman of the board from 1998 to 2009. He is now chairman emeritus and senior advisor at Vanguard. He also serves as the chairman of the board of trustees at Notre Dame University and has served on numerous corporate boards, including General Electric and American Express. He received his undergraduate degree from Dartmouth College and his MBA from Harvard Business School. Background Bio More Straight Talk on Investing: Lessons For a Lifetime Straight Talk on Investing: What You Need to Know Current Environment “Opinion: Former Vanguard CEO: 5 Hurdles Facing Investors Now and How to Overcome Them,” by Jack Brennan, marketwatch.com, May 1, 2021. “Straight Talk,” by Jack Brennan, humbledollar.com, April 27, 2021. “Vanguard’s Jack Brennan: The Best Way to Build Wealth,” Nasdaq.com, May 24, 2021. “The Former CEO of Vanguard Has Some Surprising Views on Alternatives,” by Julie Segal, institutionalinvestor.com, April 30, 2021. Asset Allocation and Investing “Run Your Race: Money Wisdom From Vanguard’s Jack Brennan,” by Chris Taylor, money.usnews.com, May 19, 2021. “5 Investing Principles That Are Built to Last,” by Jack Brennan, investornews.vanguard.com, April 12, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Sonal Desai. Sonal is executive vice president and chief investment officer of the Franklin Templeton Fixed Income Group. In addition to her responsibilities overseeing many of Franklin’s fixed-income teams, Sonal also co-chairs the group’s fixed-income policy committee and is a member of Franklin Resources executive committee as well as the firm’s management and investment committees. Sonal is a listed portfolio manager at a number of strategies, including Core Plus, Strategic Income, and Global Fixed Income. Sonal joined Franklin in 2009 from Thames River Capital in London. Before that, Sonal worked at the International Monetary Fund and as director and senior economist at Dresdner Kleinwort Wasserstein. She earned her bachelor’s in economics from the University of Delhi and her doctorate in economics from Northwestern University. Background Bio Franklin Strategic Income A Franklin Total Return A Franklin Low Duration Total Return A Fiscal and Monetary Policy “On My Mind: Adrift--Has Monetary Policy Become Unanchored?” by Sonal Desai, franklintempleton.com. “On My Mind: Modern Magical Thinking,” by Sonal Desai, franklintempleton.com, March 12, 2019. “On My Mind: Bringing the Economy Back From Life Support,” by Sonal Desai, franklintempleton. “On My Mind: Now Let’s Get Those Jobs Back,” by Sonal Desai, franklintempleton. “If You Open It, They Will Come,” by Sonal Desai, advisorperspectives.com, June 5, 2020. “Quick Thoughts: Why Our Managers Disagree on Inflation, Rates, and Growth,” by Stephen Dover, John Bellows, Sonal Desai, and Francis Scotland, franklintempleton.com, April 23, 2021. “U.S. Macro Outlook: Let’s Bend the Economic Growth Curve,” by Sonal Desai and Nikhil Mohan, franklintempleton.com, April 22, 2020. “On My Mind--Inflation: The Devil We Knew,” by Sonal Desai, franklintempleton.com, Feb. 26, 2021. Bonds “Sonal Desai: ‘In Fixed Income, Active Investment Historically Has Been the Winning Strategy,’” by Sonal Desai, advisoranalyst.com, Nov. 8, 2019. “On My Mind: A Tale of Two Recoveries,” by Sonal Desai, franklintempleton.com, April 22, 2021. “Too Much of a Good Thing?” by Sonal Desai, David Yuen, John Beck, and David Zahn, franklintempleton.com, April 8, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research, design, and implementation of the firm's investment strategies. Prior to forming of Avantis in 2019, Eduardo was co-CEO, co-CIO, and a director at Dimensional Fund Advisors. Eduardo earned a Ph.D. in aeronautics from the California Institute of Technology, and an MSc degree in engineering from Brown University.BackgroundBio“American Century Launches Systematic Active Manager Avantis Investors,” by Christine Williamson, Pensions & Investments, June 26, 2019. Hal HershfieldSuzanne ShuMeir StatmanMarkets and Factors "'Is a Hot Dog a Sandwich?' Ex-DFA Chief Weighs Factor Funds and Starting Anew,” by Alex Steger, citywireusa.com, July 30, 2019.“The Joint Distribution of Value and Profitability: International Evidence,” by Sunil Wahal and Eduardo Repetto, papers.ssrn.com, Nov. 30, 2020.“Could ‘Flying to Safety’ Be Dangerous?” by Eduardo Repetto and Phil McInnis, avantisinvestors.com, April 2020. “Patrick O’Shaughnessy: ‘Custom Indexing Unlocks a Lot of Benefits,’” The Long View, Morningstar.com, May 12, 2021.“A Discussion About Value and Small-Cap Factors With Avantis Investors’ CIO Dr. Eduardo Repetto,” Jonathan Chevreau, findependencehub.com, March 30, 2021.”“Two Active ETFs We Like,” by Ben Johnson and Susan Dziubinski, Morningstar.com, Feb. 21, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome to “Market X-Ray," our new podcast that looks at investment opportunities and risks that go beyond the market headlines. Want to hear more? Let us know at [email protected]. Companies mentioned in this episode:Southwest (LUV); Delta (DAL); Royal Caribbean (RCL); Carnival (CCL); Norwegian (NCLH); Airbnb (ABNB); Booking (BKNG); Expedia (EXPE); Polaris (PII); Malibu Boats Inc. (MBUU); Sabre (SABR); Hilton (HLT); and Marriott (MAR). 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 Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve younger clients. He is also the CEO of AdvicePay, which is a compliant payment processor for financial advisors. Alan has been recognized by InvestmentNews as a top "40 Under 40" in financial planning, by Wealth Management as one of a "The 10 to Watch in 2015," and was the first recipient of the NAPFA Young Professional award in 2015. He is a certified financial planner, and he is also the host of XYPN Radio podcast. BackgroundBioXY Planning NetworkAdvicePayXYPN RadioServing Millennial Clients “Forget About Retirement Planning for Millennials,” by Alan Moore, Money.com, Feb. 10, 2015.“Why Do We Work With Younger Clients?” by Alan Moore, xyplanningnetwork.com, Oct. 16, 2017.“When Subscription Fees Work,” by Christopher Robbins, fa-mag.com, September 2019.“How Advisors Can Attract and Profitably Serve Millennial Clients,” by Alan Moore, xyplanningnetwork.com, Aug. 29, 2019.“9 Keys to Building a Practice Focused on Next-Gen Investors,” schwab.com. “The Boomer-Millennial War in Planning Is Real,” by Eric Rasmussen, fa-mag.com, March 17, 2020.The Future of Advice“How to Create a Business That Supports Your Great Life,” by Alan Moore, linkedin.com, July 13, 2015.“Don’t Be Afraid to Grow Your Firm,” by Alan Moore, xyplanningnetwork.com, Sept. 3, 2018.“Niche Advisors Grow Faster,” by Samuel Steinberger, wealthmanagement.com, Sept. 10, 2019.“Why a Niche Model Helps Advisers,” Morningstar.com, Sept. 23, 2020.“Have You Found Your Niche?” by Greg Dalgetty, investmentexecutive.com, Sept. 16, 2020.“7 Takeaways on the Future of Advice: Morningstar Panel,” by Ginger Szala, thinkadvisor.com, Sept. 17, 2020. “Financial Advisors Are Becoming More Digital, Specialized--and Affordable,” by Evie Liu, barrons.com, Sept. 17, 2020. Fiduciary StandardsFiduciary Oath“What Is a Fiduciary?” by Alan Moore, xyplanningnetwork.com, May 7, 2014.“XYPN Pivots From Supreme Court to States in Fiduciary Fight,” by Patrick Donachie, Oct. 12, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghilarducci. On this week’s episode, we chatted with Andrew Biggs, resident scholar at the American Enterprise Institute. He is more sanguine about the state of retirement in the U.S., though he is also in favor of some reforms. Andrew is an expert on Social Security reform, state and local government pensions, and public sector pay and benefits. Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration, where he oversaw the agency's policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of then-President George W. Bush's Commission to Strengthen Social Security. He holds a bachelor's degree from Queen's University Belfast in Northern Ireland, master's degrees from Cambridge University and the University of London, and a Ph.D. from the London School of Economics.BackgroundBioThe American Enterprise InstituteState of Retirement in the U.S. The Model of Income in the Near Term (MINT)National Retirement Risk Index“Social Security Replacement Rates and Other Benefit Measures: An In-Depth Analysis,” Congressional Budget Office, cbo.gov, April 2019.“How Do Children Affect the Need to Save for Retirement?” by Andrew Biggs, aei.org, Dec. 16, 2019.“Two Decades Ago, Progressives Warned of a Retirement Crisis. It Didn’t Happen,” by Andrew Biggs, forbes.com, May 29, 2020.“Opinion: Here’s Some Good News for Parents Struggling to Save Enough for Retirement,” by Andrew Biggs, marketwatch.com, Jan. 26, 2020.“Improving the Measurement of Retirement Income of the Aged Population,” by Irena Dushi and Brad Trenkamp, ssa.gov, January 2021. “At Last, Some Action on Misleading Retirement Income Statistics,” by Andrew Biggs, aei.org, April 29, 2021.Social Security“Status of the Social Security and Medicare Programs: A Summary of the 2020 Annual Reports,” ssa.gov. “Obama Appoints Social Security Critic to Fix Puerto Rico’s Budget,” by David Dayen, theintercept.com, Aug. 31, 2016. “Social Security Benefits Aren’t Earned If You Didn’t Pay for Them,” by Andrew Biggs, forbes.com, March 12, 2020.“Americans Want to Own Their Retirement, not Expand Social Security,” by Andrew Biggs, realclearmarkets.com, June 19, 2020.“Factcheck: Do 40% of Retirees Rely on Social Security for Their Entire Income?” by Andrew Biggs, forbes.com, Jan. 27, 2020.“PWBM Budget Contest: A Flat Benefit for Social Security,” by Andrew Biggs, budgetmodel.wharton.upenn.edu, Jan. 26, 2021. “Social Security Reform Can Boost the Economy--or Hold it Back,” Andrew Biggs, Washingtonexaminer.com, March 26, 2021.Retirement Savings and DecumulationThrift Savings Plan“How Generous Are Federal Employee Pensions?” by Andrew Biggs, aei.org, Sept. 30, 2011.“Can Retirement Saving Increase Your Debt?” by Andrew Biggs, forbes.com, Jan. 8, 2018.“How Hard Should We Push the Poor to Save for Retirement?” by Andrew Biggs, aei.org, May 6, 2019.“Opinion: Stop Pushing Poor People to Save More for Retirement,” by Andrew Biggs, marketwatch.com, Sept. 12, 2019.“Factcheck: Will Half of Americans Over 55 Retire Poor?” by Andrew Biggs, forbes.com, Oct. 8, 2020.“Follow the Facts: Employer-Based Retirement Savings Are Stronger Than Ever,” by Andrew Biggs, forbes.com, Aug. 21. 2020. “Opinion: Now That Annuities Can Be Part of Your 401(k), Here’s How to Make Them More Palatable,” by Andrew Biggs, marketwatch.com, Jan. 11, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Over the next two weeks, we'll be taking a closer look at the state of retirement security in the United States, and we'll be featuring two very different perspectives on the topic. We're kicking things off with labor economist and retirement expert Teresa Ghilarducci, who will offer a progressive perspective. Ghilarducci joined The New School for Social Research as a professor of economics in 2008 after teaching at Notre Dame for 25 years. At The New School, she also directs the Schwartz Center for Economic Policy Analysis, which focuses on economic policy research and outreach. Ghilarducci has frequently testified before U.S. Congress on matters of retirement planning. She has also published numerous research pieces in economics journals and has authored several books. Her most recent book, Rescuing Retirement, is co-authored by Tony James, executive vice chairman of the Blackstone Group. She received her bachelor's and doctorate degrees in economics from the University of California at Berkeley.Background BioThe New School for Social ResearchSchwartz Center for Economic Policy AnalysisBooks The Retirement Crisis"The Retirement Crisis," by Teresa Ghilarducci, The New School."Whose Retirement Crisis? Household Savings or Public Financing?" by Teresa Ghilarducci, Forbes, Feb. 20, 2018."America's Unusual High Rates of Old-Age Poverty and Old-Age Work," by Teresa Ghilarducci, Forbes, March 2, 2018."Working Longer Cannot Solve the Retirement Crisis," by Teresa Ghildarducci, Michael Papadopoulos, Bridget Fisher, and Anthony Webb, Schwartz Center for Economic Policy Analysis, Feb. 3, 2021.The Defined-Contribution System"How Defined Contribution Plans and 401(k)s Affect Employer Pension Costs," by Teresa Ghilarducci, ResearchGate, July 2006."Americans Haven't Saved Enough for Retirement. What Are We Going to Do About It?" by Teresa Ghilarducci and Tony James, Harvard Business Review, March 28, 2018."America's Retirement Savings Crisis Is Now. Here's How to Fix It," by Teresa Ghilarducci and Tony James, CNN Business, Sept. 15, 2020."Fixing the U.S. Retirement System," Written Testimony by Teresa Ghilarducci; Committee on Finance, Subcommittee on Social Security, Pensions, and Family Policy, U.S. Senate, May 21, 2014."Laying the Groundwork for More Efficient Retirement Savings Incentives," by Teresa Ghilarducci and Christian Weller, Center for American Progress, Nov. 18, 2015."Retirement Savings Inequality: Different Effects of Earnings Shocks, Portfolio Selections, and Employer Contributions by Worker Earnings Level," by Teresa Ghilarducci, Joelle Saad-Lessler, and Gayle Reznik, Social Security Office of Retirement and Disability Policy, 2018."The Inequitable Effects of Raising the Retirement Age on Blacks and Low-Wage Workers," by Teresa Ghilarducci, Kyle Moore, and Anthony Webb, The Review of Black Political Economy, April 26, 2019."Everyone Should Have the Retirement Plan Federal Employees Enjoy," by Teresa Ghilarducci and Kevin Hassett, The Washington Post, March 29, 2021."What if Low-Income American Workers Had Access to Wealth-Building Vehicles Like the Federal Employees' Thrift Savings Plan?" by Teresa Ghilarducci and Kevin Hassett, Economic Innovation Group, March 25, 2021.Social Security"A Nobel Laureate's Plan to Use Social Security to Fix the Retirement Crisis--and Why it Won't Work," by Teresa Ghilarducci, The New School's Retirement Equity Lab, April 19, 2019."Teresa Ghilarducci on Social Security Fixes to Protect the Poorest," by Teresa Ghilarducci, Bloomberg Businessweek, March 27, 2020.Income Inequality and Women in Economics"The Unique Disadvantage Older Women Face in the Workforce," by Teresa Ghilarducci, PBS News Hour, March 25, 2016."Women's History Month: Gender Pay Gap Contributes to Elderly Poverty Gap," by Teresa Ghilarducci, The New School's Retirement Equity Lab, May 1, 2017."Labor Market Discrimination: A Bleak Outlook for Older Women," by Teresa Ghilarducci and Kyle Moore, Schwartz Center for Economic Policy Analysis, 2017."How Big Firms Keep Wages Low," by Teresa Ghilarducci, Forbes, Jan. 21, 2019."Barring Women From Economics," by Teresa Ghilarducci, Forbes, March 31, 2019."Economists Weigh In on Covid-19 and Inequality," by Teresa Ghilarducci, Forbes, March 4, 2021.Behavioral Finance"Financial Literacy: Just Another Word for Financial Shaming," by Teresa Ghilarducci, Psychology Today, May 7, 2018."Go Ahead and Spend Your Children's Inheritance," by Teresa Ghilarducci, Advisor Perspectives, Dec. 17, 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 Patrick O’Shaughnessy. Patrick is the CEO of O’Shaughnessy Asset Management. He also is a portfolio manager at the firm. Prior to assuming his current role, Patrick served on O’Shaugnessy’s research and portfolio management teams. Patrick is the author of Millennial Money: How Young Investors Can Build a Fortune and was a contributing author to the fourth edition of What Works on Wall Street. Patrick is also the host of the popular Invest Like the Best podcast. He received his bachelor’s in philosophy from the University of Notre Dame and is a CFA charter holder.BackgroundBioO’Shaughnessy Asset ManagementCanvas Millennial Money: How Young Investors Can Build a FortuneWhat Works on Wall Street, Fourth Edition: The Classic Guide to the Best-Performing Investment Strategies of All TimeInvest Like the Best PodcastsESG“ESG the Right Way: Customization and Not Scale,” by Travis Fairchild, osam.com, October 2019.“Custom Indexing Leader Canvas Expands ESG/SRI Offering,” businesswire.com, March 9, 2021.“Investing in Environmental Protection,” by the OSAM Research Team, osam.com, April 2021.“Helping Financial Advisors Solve ESG Investing Challenges,” by Travis Fairchild, osam.com, March 2021.Factors and Custom Indexing “Combining the Best of Passive and Active Investing,” by Patrick O’Shaughnessy, advisorperspectives.com, March 6, 2013. “Alpha or Assets? Factor Alpha Vs. Smart Beta,” by Patrick O’Shaughnessy, osam.com, April 2016. “Combining the Best Stock Selection Factors by Patrick O’Shaughnessy at QuantCon 2016,” slideshare.net, April 14, 2016. “Factors From Scratch: A Look Back, and Forward, at How, When, and Why Factors Work,” by Chris Meredith, Jesse Livermore, and Patrick O’Shaughnessy, osam.com, May 2018."'Humans Love a Narrative. We Have Safeguarded Against That': Jim and Patrick O’Shaughnessy,” by Vicky Ge Huang, citywireusa.com, Dec. 6, 2018.“Introducing Canvas,” by Patrick O’Shaughnessy, osam.com, September 2019.“Custom Indexing: The Next Evolution of Index Investing,” by Patrick O’Shaughnessy, osam.com, December 2020.“O’Shaughnessy’s Quarterly Letter Q4 2019,” by Patrick O’Shaughnessy, osam.com, January 2020.Podcast and Reading “Chetan Puttagunta--Go Slow to Go Fast: Software Building and Investing,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Jan. 28, 2020.“Nick Kokonas—Know What You Are Selling,” Invest Like the Best With Patrick O’Shaughnessy, investlikethebest.com, Nov. 19, 2020.The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan HouselThe Razor’s Edge by Somerset Maugham 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 Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unconflicted news and analysis to the annuity and financial advice industries. RIJ recently celebrated its 500th issue. Kerry is also the author of Annuities for Dummies and two other nonfiction books. He has been an editor of Annuity Market News, a writer in Vanguard's individual annuity marketing department, a senior editor at Rodale Press, and a reporter for The Billings Montana Gazette.BackgroundBioAnnuities for Dummies Retirement Income JournalAdvisor Landscape“Out of Commission,” by Kerry Pechter, retirementincomejournal.com, Sept. 19, 2013.“Seeking ‘Ambidextrous Advisers’,” by Kerry Pechter, retirementincomejournal.com, Jan. 9, 2020.RetireOneDPL Financial Annuity Basics “Will Fee-Only Advisors Warm to Annuities?” by Kerry Pechter, retirementincomejournal.com, Oct. 19, 2018.“Two Client-Centric Income Strategies,” by Kerry Pechter, retirementincomejournal.com, Jan. 10, 2019.“A Primer for Annuity Newbies,” by Kerry Pechter, retirementincomejournal.com, May 28, 2020. “Another Advantage of Annuities: You Can Be More Aggressive With Non-Annuity Funds and Fare Better Long-Term,” by Kerry Pechter, annuityfyi.com. “The One True Path to Income--The New DIAs,” by Kerry Pechter, annuityfyi.com.“Now You Can Invest in a Longevity Annuity Within an IRA or 401(k),” by Kerry Pechter, annuityfyi.com.“The Catch-22 of In-Plan Annuities,” by Kerry Pechter, retirementincomejournal.com, Dec. 17, 2020. “'Dull' Investments Shine in a Crisis,” by Kerry Pechter, retirementincomejournal.com, March 26, 2020.“Why Is Income Planning So Hard?” by Kerry Pechter, retirementincomejournal.com, June 30, 2020Annuity TrendsRegistered Index-Linked Annuities“Stormy Weather for Life Insurers,” by Kerry Pechter, retirementincomejournal.com, April 9, 2020.“Low Interest Rates Shock Sales of Most Annuities,” retirementincomejournal.com, Aug. 6, 2020.“Pandemic Hurt Annuity Sales in 2020,” by Kerry Pechter, retirementincomejournal.com, March 10, 2021. “Trends RIJ Will Track in 2021,” by Kerry Pechter, retirementincomejournal.com, Jan. 7, 2021.Due DiligenceAM BestWeiss RatingsNOLHGA Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, including Social Security Made Simple, Taxes Made Simple, Accounting Made Simple, and Can I Retire? His blog, Oblivious Investor, covers Social Security, taxes, and investing. Piper has also developed a free tool for exploring Social Security-claiming decisions called Open Social Security. He is a certified public accountant. BackgroundBioMike Piper's BooksOblivious InvestorOpen Social SecuritySocial Security"How Is Social Security Taxed?" by Mike Piper, Oblivious Investor, Jan. 1, 2019. "Does Delaying Social Security Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020. "Philosophy of Social Security Claiming Strategies," by Wade Pfau, Retirement Researcher. Social Security SolutionsMaximize My Social Security"Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments," The Long View podcast, Morningstar.com, Sept. 9, 2020."Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020.Retirement Planning"An Ideal Retirement Spending Strategy? "by Mike Piper, Oblivious Investor, March 12, 2018."Building a Safe Floor of Retirement Income--in Advance," by Mike Piper, Oblivious Investor, July 2, 2018."A Rough, General-Purpose Retirement Plan," by Mike Piper, Oblivious Investor, Jan. 28, 2019."Simplifying a Retirement Bucket Portfolio," by Mike Piper, Oblivious Investor, July 8, 2019."What's in My Portfolio?" by Mike Piper, Oblivious Investor, Dec. 11, 2019."Single Premium Immediate Annuity: Why They're Useful and When to Buy Them," by Mike Piper, Oblivious Investor, Jan. 1, 2020."From Assets to Income: A Goals-Based Approach to Retirement Spending," by Colleen Jaconetti, Michael DiJoseph, Francis Kinniry, David Pakula, and Hank Lobel, Vanguard, April 2020."Father of 4% Rule Says it Was Really More of a Guideline," by Ginger Szala, ThinkAdvisor, Oct. 19, 2020.Retirement Accounts"Marginal Tax Rate or Effective Tax Rate?," by Mike Piper, Oblivious Investor, Dec. 7, 2020."Marginal Tax Rate: Not (Necessarily) the Same as Your Tax Bracket," by Mike Piper, Oblivious Investor, March 15, 2021."Taxes in Retirement: What Happens After Your Husband or Wife Dies?" by Mike Piper, MarketWatch, Feb. 6, 2021."Long-Term Tax Planning Requires Guessing. Focus on the Near Term," by Mike Piper, Oblivious Investor, Feb. 2, 2021."Retirement Tax-Planning Error: Not Planning for Widow(er)hood," by Mike Piper, Oblivious Investor, Jan. 4, 2021.Target-Date Funds "Don't Judge a Fund by Its Cover," by Mike Piper, The Wall Street Journal, Aug. 8, 2013."Why Would an Experienced Investor Buy a Target-Date Fund?" by Mike Piper, Oblivious Investor, May 11, 2015."Why I (Still) Like All-in-One Mutual Funds," by Mike Piper, Oblivious Investor, Sept. 14, 2015. 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 Jason Hsu. Jason is founder and chairman of Rayliant Global Advisors, a quantitative asset manager based in Hong Kong. Jason also cofounded Research Affiliates with Robert Arnott and has been at the forefront of the fundamental indexing movement. Jason is a member of the board of directors at the Anderson School of Management at the University of California at Los Angeles, as well as an adjunct professor in finance there. He has authored more than 40 peer-reviewed articles, is an associate editor of the Journal of Investment Management, and serves on the editorial board of numerous other financial journals, including the Financial Analysts Journal. Jason earned his bachelor's in physics from the California Institute of Technology, his master's in finance from Stanford, and his doctorate in finance from UCLA. BackgroundBioRayliant Global AdvisorsResearch AffiliatesAnderson School of Management at UCLAJournal of Investment ManagementThe Fundamental Index: A Better Way to Invest, by Robert D. Arnott, Jason C. Hsu, and John M. WestInvesting in China“Timing Poorly: A Guide to Generating Poor Returns While Investing in Successful Strategies,” by Jason Hsu, Brett W. Myers, and Ryan Whitby, jpm.com, January 2016.“Buy the Best, Perform the Worst,” by John Rekenthaler, Morningstar.com, April 15, 2016.“In Defense of Alpha?!” by Jason Hsu, researchaffiliates.com, October 2017.“The Biggest Failure in Investment Management: How Smart Data Can Make It Better or Worse,” by John West and Jason Hsu, researchaffiliates.com, October 2018.“Where Retail Rules: Buying Into China’s Alpha Opportunity,” Rayliant.com, August 2019.“How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020. “Should You Have More China in Your Portfolio? Putting Common Arguments for Increased Chinese Exposure to the Test,” by Jason Hsu, Xiang Liu, and Phillip Wool, The Journal of Index Investing, Winter 2020.“China’s Got Talent: Fund Manager Skill and Alpha in Chinese Stocks,” by Phillip Wool, rayliant.com, March 2021. Chinese Market“The China Syndrome: Lessons From the A-Shares Bubble,” by Jason Hsu, researchaffiliates.com, September 2015.“Value, Growth and Bubbles: A Comparison Between China and US Markets,” by Jason Hsu, linkedin.com, Jan. 11, 2021.“Fewer Loans in China: Impactful, but Perhaps Not in the Way You’d Expect,” by Jason Hsu, rayliant.com, April 9, 2021.“Why Few Foreign Funds Are Entering China’s $3tr Mutual Fund Market,” by Twinkle Zhou, Asianinvestor.net, April 19, 2021.“’Tiger Mom’ Vs. Montessori: A Simple Analogy for Comparing Chinese and U.S. Financial Regulation,” by Jason Hsu, linkedin.com, March 4, 2021.Quantitative Investing“The Surprising Alpha From Malkiel’s Monkey and Upside-Down Strategies,” by Robert D. Arnott, Jason Hsu, Vitali Kalesnik, and Phil Tindall, The Journal of Portfolio Management, Summer 2013.“A Framework for Assessing Factors and Implementing Smart Beta Strategies,” by Jason Hsu, Vitali Kalesnik, and Vivek Viswanathan, valuewalk.com, Summer 2015.“Rob Arnott: Don’t Sleep on Value Investing (Especially Emerging-Markets Value),” The Long View Podcast, Morningstar.com, Aug. 21, 2019. “Going Local: Developing a Quant Approach Specific to Emerging Markets,” by Phillip Wool, Rayliant.com, April 10, 2020. Academic Research“The Harm in Selecting Funds That Have Recently Outperformed,” by Bradford Cornell, Jason Hsu, and David Nanigian, papers.ssrn.com, Feb. 25, 2016.“Coronavirus Crisis, Supertrends and Disruptive Innovations in Asset Management,” Financial Investigator Conference, rayliant.com, July 2, 2020. “When Dollar-Cost Averaging Can Help (or Hurt),” by Amy Arnott, Morningstar.com, Sept. 4, 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 Joe Davis, global chief economist at Vanguard. Joe also heads up Vanguard's Investment Strategy Group, a team that conducts research on portfolio construction, develops the firm's economic and market outlook, and helps oversee Vanguard's asset-allocation strategies for both institutional and individual investors. He is also a member of the senior portfolio management team for Vanguard Fixed Income Group. He earned a doctorate in economics at Duke University.BackgroundBioAsset Bubbles“Bitcoin: Digital Gold or Fool’s Gold?” by Joe Davis, vanguard.com, March 13, 2018. “Vanguard’s Joe Davis on the State of the Markets & the Global Economy,” cnbc.com, Jan. 28, 2020.“Asset Bubbles and Where to Find Them,” by Joe Davis, vanguard.com, March 8, 2021.“Value vs. Growth: Widest Performance Gap on Record,” by Katherine Lynch, Morningstar.com, Jan. 11, 2021.The Pandemic and the Economy“Vanguard Economic and Market Outlook for 2021: Approaching the Dawn,” Vanguard Investment Strategy Group, vanguard.com, December 2020.“Vanguard Economists Discuss Their Global Outlook,” vanguard.com, July 23, 2020.“The ‘Great’ Fall and the Road to Recovery,” by Joe Davis, vanguardinstitutionalblog.com, May 1, 2020.“A Pandemic, a Vaccine, and a Sea of Ideas,” by Joe Davis, vanguardinstitutionalblog.com, Nov. 10, 2020.“The Key to Achieving COVID-19 Herd Immunity,” by Joe Davis, vanguardinstitutionalblog.com, Jan. 27, 2021.“A Timetable for Overcoming COVID-19,” by Joe Davis, vanguard.com, Feb. 1, 2021.“Vanguard’s Joe Davis Talks Healthy Economy Amid Covid,” Bloomberg, Feb. 8, 2021.Inflation“Vanguard 2020 Outlook: The New Age of Uncertainty,” by Joe Davis, vanguard.com, Nov. 18, 2019.“Inflation Prospects Amid the Pandemic,” by Andrew J. Patterson, vanguardinstitutionalblog.com, May 20, 2020.“Envisioning a Post-Pandemic Future,” by Joe Davis, vanguard.com, Sept. 1, 2020.Market Outlook“Vanguard Comes to Defense of the 60/40 Portfolio As It Forecasts Stock Market Returns for the Next Decade,” by Steve Goldstein, marketwatch.com, July 25, 2020.“A Sharp Contraction, Then an Upswing,” by Joe Davis, vanguard.com, March 22, 2020.“Why Portfolio Diversification Still Works,” by Amy Arnott, Morningstar.com, March 30, 2021.“Active Fixed Income Perspectives: Q1 2021,” by Active Fixed Income Leadership and Research Teams, vanguard.com, Jan. 28, 2021.Megatrends“Megatrends: The Future of Work,” Vanguard Research, vanguard.com.“Automation Isn’t the End of Jobs,” Interview with Christine Benz and Joe Davis, Morningstar.com, Nov. 24, 2018.“Quantifying the Future of Remote Work,” by Joe Davis, vanguard.com, Nov. 30, 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 John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John is the lead portfolio manager of the Ariel Fund and also comanages other Ariel strategies, including Ariel Small Cap Value, Small/Mid Cap Value, Mid Cap Value as well as Ariel Appreciation. John sits on several corporate boards, including the board of directors of McDonald's, Nike, and The New York Times and serves as vice chair of the University of Chicago's board of trustees. In 2008, John was given Princeton University's highest honor, the Woodrow Wilson Award, for his work in civic and philanthropic circles. John received his bachelor's degree from Princeton.BackgroundBioDEI “White House Advisor on Importance of Financial Education,” CNBC.com, April 14, 2014. Ariel Community Academy“Empowering the Next Generation of Investors Through Rapunzl,” Nasdaq.com, Nov. 12, 2020.The University of Chicago Laboratory Schools’ Diversity, Equity, and Inclusion Ariel-Schwab Black Investor Survey 2020"Chicago-Based Ariel Investments Launches 'Project Black' to Grow Minority-Owned Businesses With $200 Million From JPMorgan Chase," by Robert Channick, chicagotribune.com, Feb. 27, 2021. "Ariel Investments’ John Rogers Jr. Pushes Corporate Boards to Have Their Own 'Jackie Robinson Moment'," by Andrew Keshner, marketwatch.com, Dec. 2, 2020. ESG" 'This Is the Shareholders’ Money': Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs," by Ben Winck, businessinsider.com, Jan. 2, 2020. Ariel Investments ESG Policy Nike Sustainability Initiatives McDonald’s Sustainability Initiatives Market Outlook and Value Investing“Warren Buffett Watcher Echoes Warning on Bitcoin: 'We’re Probably Near the Top of a Bubble'," by Berkeley Lovelace Jr., cnbc.com, Jan. 11, 2018.“Martijn Cremers Unveils ActiveShare.info Fund Website 2.0,” by Martijn Cremers, prnewswire.com, Sept. 15, 2020.“Bill Bernstein: We’re Starting to See All the Signs of the Bubble,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, March 10, 2021. “These 7 Value Stocks Will Benefit From an Economic Recovery,” by Reshma Kapadia, barrons.com, Feb. 28, 2021. “Ariel Investments’ John Rogers: Taking a Contrarian View to Beat Markets and Prejudice,” financialtimes.com, April 3, 2021.Stocks“A Wall Street Investment Chief Reveals How He Found Stocks at ‘Extraordinary Bargains’ at the Depths of Pandemic Crash--and Reaped Huge Returns,” by Emily Graffeo, businessinsider.com, Nov. 19, 2020. Nielsen Holdings“ViacomCBS Shares Slide 18% After Company Prices Roughly $3 Billion Offering of Equity Securities,” by Ciara Linnane, marketwatch.com, March 24, 2021. Leadership at Ariel Mellody Hobson Biography “At Ariel Investments, Mellody Hobson Gets Promoted to Co-CEO and Becomes Largest Shareholder,” by Mary Ellen Podmolik, chicagotribune.com, July 11, 2019. “Starbucks’s Mellody Hobson, the Only Black Chairwoman in S&P 500, Says ‘Civil Rights 3.0’ Is Brewing,” by Heather Haddon, wsj.com, March 13, 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 financial educator and author Paul Merriman. He founded Merriman, a fee-only investment advisory firm, in 1983. He retired from Merriman in 2011 and started The Merriman Financial Education Foundation, which is dedicated to providing comprehensive financial education to investors. Merriman has written several books on investing. His latest released in November 2020 and is called We're Talking Millions! 12 Simple Ways To Supercharge Your Retirement. He writes a weekly column on MarketWatch, and he also hosts the weekly Sound Investing podcast.BackgroundBio BooksMarketWatch columnsSound Investing podcastsFinancial EducationThe Merriman Financial Education FoundationNext Gen Personal FinanceNGPF Documentary: The Most Important Class You Never Had, by Tim Ranzetta, ngpf.org, March 20, 2020."Opinion: My Wild Ride Owning GameStop Stock," by Paul Merriman, MarketWatch, Feb. 12, 2021.Investments "The Ultimate Buy-and-Hold Strategy," by Paul Merriman, MarketWatch, July 17, 2013."30 Reasons to Fall in Love With Index Funds," by Paul Merriman, MarketWatch, June 4, 2014."Why REITs Belong in Your Retirement Portfolio," by Paul Merriman, MarketWatch, April 1, 2015."Opinion: Here Are the two Funds you Need—Before and After Retirement," by Chris Pedersen, MarketWatch, Nov. 30, 2019."Target Date Funds and Portfolio Choice in 401(k) Plans," by Olivia S. Mitchell and Stephen P. Utkus, Wharton Pension Research Council, Jan. 9, 2020."The Lessons of Vanguard's Jack Bogle Have Helped Countless Investors—but His Picks Could Be Improved," by Paul Merriman, MarketWatch, Feb. 13, 2020.Telltale Chart, Bogleheads.org. "Paul Merriman 4 Fund Portfolio Review," OptimizedPortfolio, March 24, 2021.Retirement Decumulation"Fine-Turning Retirement Portfolio Allocations," by Paul Merriman, MarketWatch, July 31, 2013."Retire With More Money and Less Risk," by Paul Merriman, MarketWatch, April 30, 2014. "FAQs About the Merriman Target Date Portfolios," by Chris Pedersen, paulmerriman.com."How to Double Your Target-Date Retirement Fund’s Return in a Single Move," by Paul Merriman, MarketWatch, April 15, 2015."Why Target-Date Funds Are the Best Retirement Investment," by Paul Merriman, MarketWatch, Sept. 7, 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 this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and finance fields, including hedge fund managers, endowment chiefs, and prominent academics. Prior to launching “Capital Allocators,” Ted was a founding partner at Protégé Partners, a firm that invested in and seeded hedge funds. Ted began his career at the Yale University Investment Office before doing stints at Stonebridge Partners and J.H. Whitney & Company. Ted recently published a book reflecting on his conversations with investment leaders and experts entitled Capital Allocators: How the World's Elite Money Managers Lead and Invest. Ted earned his bachelor's degree from Yale University and his MBA from Harvard Business School. He is also a CFA charterholder.BackgroundBio“Capital Allocators”BooksOutsourcing and Complexity“Drew Dickson—Blending Behaviors and Fundamentals at Albert Bridge Capital (First Meeting, Ep. 13),” Capitalallocatorspodcast.com, Nov. 24, 2019.Thinking in Bets: Making Smarter Decisions When You Don’t Have all the Facts by Annie Duke “The Surprising Cost of Volatility,” by Ted Seides, Capitalallocatorspodcast.com, April 26, 2010.“The Future of Long-Short Equity,” by Ted Seides, cfainstitute.org, April 11, 2013.Portfolios and Investment CommitteesTed Seides’ personal portfolioHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest by Joshua Brown and Brian PortnoyPioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David SwensenArctos Sports Partners “Scott Malpass—The Fighting Irish’s Twelfth Man (Ep. 25),” Capitalallocatorspodcast.com, Sept. 18, 2017.“Michael Mauboussin—Consilient Observations in a Crisis (Ep. 127),” Capitalallocatorspodcast.com, March 22, 2020. 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 financial advisor and author Bill Schultheis. His latest book is "The Coffeehouse Investor's Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness." His first book, published in 1998 and updated several times thereafter, is "The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life." When he is not writing books, He is a financial advisor with Soundmark Wealth Management, a firm he co-founded in 2008. He received his bachelor's degree in business at Texas A&M University.BackgroundBioThe Coffeehouse InvestorSoundmark Wealth ManagementA Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, by Burton MalkielThe Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by William DankoInvesting and Retirementh2“The Coffeehouse Portfolio: Caffeinate Your Investment Strategy,” by Candice Elliott, listenmoneymatter.com, Sept. 11, 2020. “The Coffeehouse Portfolio--2020 Update,” by blbarnitz, bogleheads.org, Jan. 2, 2021.The Dalbar Study"Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020. “On Finance: Understanding the Advantages of Index Funds,” by Bill Schultheis, 425business.com, July 17, 2017.“The Odds of Outperforming Through Active Management,” by Larry Swedroe, investorevidence.com, Feb. 24, 2021.“The Data Don’t Lie—It’s Time to Diversify,” by Bill Schultheis, 425business.com, May 9, 2018.“Twenty Years On, These Three Investing Principles Are as Important as Ever,” by Bill Schultheis, 425business.com, Dec. 11, 2019.“Autopilot Features Can Help Direct You Toward a More Comfortable Retirement,” by Bill Schultheis, 425business.com, June 4, 2019.“Don’t Get Bitten by the Popularity of FAANG Stocks,” by Bill Schultheis, 425business.com, Feb. 5, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bill taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and his latest, The Delusions of Crowds.Background BioBooks“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”The Long View Podcast, May 7, 2019. Current Market EnvironmentThe Wisdom of Crowds, by James Surowiecki“A Stock Market Bubble Is Forming,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020.“From 1720 to Tesla, FOMO Never Sleeps,” by Jason Zweig, wsj.com, July 17, 2020.“The 4 Pillars of Investing,” by Larissa Fernand, Morningstar.com, June 19, 2020.“4 Ways Today’s Stock Market Resembles That of the Late 1990s,” by John Rekenthaler, Morningstar.com, March 4, 2021. Inflation, Bonds, and Other Asset Classes“The Case for Minimizing Risk in Your Bond Holdings,” by William Bernstein, wsj.com, Oct. 18, 2015.Inflation, Deflation, Confiscation & Devastation--The Four Horsemen of Risk,” by Wade Pfau, forbes.com, March 4, 2020. “What if Inflation Isn’t Dead?” by John Rekenthaler, Morningstar.com, Aug. 11, 2020.Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment by David F. Swensen.“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, April 1, 2020. “What Are SPACs and Should I Care?” by David Sekera, Morningstar.com, March 2, 2021. Retirement“How to Think About Risk in Retirement,” by William Bernstein, wsj.com, Nov. 30, 2014.“Retirement Planning When You Have Enough,” by Christine Benz, Morningstar.com, Sept. 11, 2020."Of Viruses, Distressed Sales, and Stocks' 'Rightful Owners,' " by Bill Bernstein, efficient frontier.com, 2020. ETFs“No Room on the ARK?” by Ben Johnson and Bobby Blue, Morningstar.com, March 3, 2021. “Digging Into ARK Innovation’s Portfolio,” by Amy Arnott, Morningstar.com, Feb. 18, 2021. “Gerard O’Reilly: Control for the Unexpected, Focus on the Expected,” The Long View Podcast, Jan. 26, 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 financial advisor Meg Bartelt. She started Flow Financial Planning, a fee-only practice, geared toward providing financial guidance for women in the technology sector in 2016. Prior to starting Flow Financial, Meg worked for a fee-only Registered Investment Advisor in Virginia and was a technical writer for 10 years in the San Francisco Bay Area. She received her master's degree in financial planning from Golden Gate University, and her Bachelor of Arts in economics from Wellesley College. She is also a certified financial planner.BackgroundBioFlow Financial Planning“How to Prepare for the Surprising Costs of Motherhood,” by Stacy Rapacon, money.usnews.com, Nov. 5, 2018.Niche Marketing and Life Planning “The Who, What, and Why of Hiring a Business Coach,” by Meg Bartelt, xyplanningnetwork.com, Dec. 15, 2016.“The Efficiency Benefits of Niching From the Start to Launch an Advisory Firm,” by Michael Kitces, Kitces.com, July 23, 2018.XY Planning NetworkGrace Hopper Celebration“My Takeaways From #GHC18. And Yes They’re All About Money,” by Meg Bartelt, flowfp.com, Oct. 2, 2018.“What Can You Negotiate For? Pretty Much Anything. What SHOULD You Negotiate For?” by Meg Bartelt, flowfp.com, Jan. 20, 2021.EVOKE: A Life Planning Methodology“George Kinder: A Financial Plan Needs to Be a Life Plan,” The Long View Podcast, Morningstar.com, Jan. 20, 2021. Investments and Financial Planning“If You Work in Tech Your 401(k) Is Probably Not Enough,” by Meg Bartelt, you.women2.com, June 22, 2017.“Pay Attention to Your Employee Benefits,” by Meg Bartelt, you.women2.com, April 4, 2018.“If you Have RSUs and Your Company Just Went Public, You Miiiight Want to Check Your Tax Situation,” by Meg Bartelt, flowfp.com, May 24, 2019.“Lessons From Airbnb’s IPO,” by Meg Bartelt, flowfp.com, Dec. 21, 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 Hamish Douglass. He is the co-founder, chairman, and chief investment officer of Magellan Financial Group, a roughly $80 billion asset-management firm with headquarters in Sydney. Among his duties, Douglass is lead manager of the Magellan Global Equity strategy, which is a concentrated portfolio of high-quality growth stocks. That strategy has been very successful since its July 2007 inception, handily beating its benchmark, the MSCI World Index, with significantly less risk. Before forming Magellan in 2006, Douglass was co-head of global banking for Deutsche Bank in Australia and New Zealand. He received his undergraduate degree from the University of New South Wales.BackgroundBioFrontier MFG Global Equity"The Essential Balance: Independent Thinker, Team Player," by Rebecca Thurlow, The Wall Street Journal, Dec. 11, 2006."Learn More About Magellan's Global Equity Strategy," Magellan, July 2019."Being a Successful Investor," by Hamish Douglass, MFG Asset Management.Investment Style and Portfolio Construction"10 Cognitive Biases That Can Lead to Investment Mistakes," by Hamish Douglass, Magellan, May 2017."Business Model Disruption Has Barely Begun," by Hamish Douglass, Firstlinks, Oct. 15, 2017."Business Model Disruption--Part 2," by Hamish Douglass, Firstlinks, Oct. 19, 2017."Passive Investing and Disruption," by Hamish Douglass, Magellan, July 2017.“13 of the best: reflections from an investor,” by Hamish Douglass, Firstlinks, July 31, 2019."Hamish Douglass' Map for Investing This Decade," by Vesna Poljak, Financial Review, Jan. 24, 2020."Hamish Douglass on What Really Matters," by Hamish Douglass and Frank Casarotti, Firstlinks, Oct. 21, 2020."What Sort of Economy Awaits on the Other Side? Hamish Douglass Shares Four Possibilities," by Vishal Teckchandani, Livewire, April 1, 2020."Magellan to Offer Low-Cost Investment Strategies," by Charlotte Grieve, The Sydney Morning Herald, Aug. 13, 2020."China's Clampdown on Jack Ma's Ant Boosts Rivals," by Sun Yu and Tom Mitchell, Financial Times, Feb. 18, 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 Russ Kinnel‏. Russ is director of manager research for Morningstar Research Services and the longtime editor of the Morningstar FundInvestor newsletter. As part of his duties, Russ chairs the North America ratings committee that oversees and approves the Morningstar Analyst Ratings that Morningstar's manager research analysts assign to the funds they cover. A mainstay of our research efforts for years, Russ has authored a number of well-known and widely cited studies, including the annual “Mind the Gap” study of investor returns, and is frequently quoted in the financial media. Russ is a graduate of the University of Wisconsin-Madison, where he received his bachelor's degree in economics.BackgroundBioBooksAuthor Page Morningstar FundInvestor Related Articles“Environmental, Social, and Governance Investing,” Morningstar.com.“What Helen Young Hayes’ Departure Means to Janus,” by Russ Kinnel, April 21, 2003.“Lessons From the Bill Gross Saga,” by John Rekenthaler, Morningstar.com, Oct. 1, 2014.“Flows + Bloat = Headaches for Funds,” by Russ Kinnel, Morningstar.com, March 27, 2017.“Fink: BlackRock Continues to Evolve,” by Daniel Culloton, Morningstar.com, April 28, 2017.“Enhancement to Sustainability Rating Emphasizes Material ESG Risk,” by Jon Hale, Morningstar.com, Nov. 8, 2019. “Where the Medalists Are,” by Christine Benz and Russ Kinnel, Morningstar.com, Sept. 15, 2020.“The Best Fund Companies and Their Ratings,” by Russ Kinnel, Morningstar.com, Jan. 28, 2020.“Flowmageddon: Is it Time Yet?” by Russel Kinnel, Morningstar.com, July 24, 2020.“Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020.“Can Bond Funds Grow Large More Gracefully Than Stock Funds?” by Christine Benz and Russ Kinnel, Sept. 22, 2020.“Farewell, Mutual Funds,” by John Rekenthaler, Morningstar.com, Jan. 21, 2021.“A Quick Survey of Investment Vehicles,” by Russ Kinnel, Morningstar.com, Jan. 20, 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 The New York Times financial columnist and author Ron Lieber. His latest book is called The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make. He is also the author of The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money and coauthor of Taking Time Off: Inspiring Stories of Students Who Enjoyed Successful Breaks From College and How You Can Plan Your Own. Ron has been the "Your Money" columnist for The New York Times since 2008. Before coming to The Times, he wrote the "Green Thumb" personal finance column for The Wall Street Journal and was part of the startup team at the paper's “Personal Journal” section. He attended Amherst College.BackgroundBioBooksCollege in the Pandemic“Remote Learning Is Unequal. Coronavirus Changed That--For Now,” by Jonathan Zimmerman, thephiladelphiainquirer.com, April 8, 2020.“Spelman College Faces a Redefined Reality,” by Mary Schmidt Campbell, nytimes.com, April 23, 2020.“Colleges Won’t Refund Tuition. Autumn May Force a Reckoning,” by Ron Lieber, nytimes.com, May 1, 2020.“Back to School: How the Coronavirus Could Shape the Future of Higher Education,” by Karen Wallace, Morningstar.com, Nov. 9, 2020. “Will College Tuition Go Down Because of the Pandemic?” by Norman Vanamee, townandcountrymag.com, Feb. 4, 2021.School Choice and CostWhere You Go Is Not Who You’ll Be: An Antidote to the College Admission’s Mania, by Frank Bruni, March 8, 2016. “The Price You Pay for College, 21 Important Questions to Ask,” by Ron Lieber, grownandflown.com, Jan. 23, 2021.“College Costs Are Less Terrifying Than You Think,” by Ron Lieber, nytimes.com, Jan. 28, 2021.“How to Pay for College (and Not Lose Your Shirt),” by Ron Lieber, nytimes.com, Jan, 26, 2021.“How Taking a Gap Year Can Shape Your Life,” by Ron Lieber, nytimes.com, Oct. 19, 2016.Financial Aid and Merit Aid“How to Predict Merit Aid in a Strange College Application Season,” by Ron Lieber, nytimes.com, Sept. 25, 2020.“How to Ask a College for More Financial Aid,” by Ron Lieber, nytimes.com, April 25, 2020.“What a $300,000 College Might Cost a $200,000 Family,” by Ron Lieber, nytimes.com, Oct. 3, 2020.“High School Grades Could Be Worth $100,000. Time to Tell Your Child?” by Ron Lieber, nytimes.com, Jan. 23, 2021.“FAFSA’s Expected Family Contribution Is Going Away. Good Riddance,” by Ron Lieber, nytimes.com, Jan. 4, 2021.“Inside College Merit Aid—and the Manipulative, Lucrative System That Keeps it Running,” by Ron Lieber, nbcnews.com, Feb. 4, 2021. Loans“Parent PLUS Loans: What You Need to Know,” by Kimberly Rotter and Bob Musinski, usnews.com, Feb. 7, 2020.“For Millions Deep in Student Loan Debt, Bankruptcy Is No Easy Fix,” by Ron Lieber and Tara Siegel Bernard, nytimes.com, Nov. 18, 2020.“An Invisible Cost of College: Parental Guilt,” by Ron Lieber, nytimes.com, Feb. 3, 2021.“Here’s a Guide to How Grandparents Can Help Pay for College,” by Ron Lieber, marketwatch.com, Feb. 2, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

BackgroundBioT. Rowe Price Capital Appreciation“Morningstar Announces 2012 Fund Manager of the Year Award Winners,” by Scott Burns, Morningstar.com, Jan. 3, 2013. “Announcing Morningstar’s 2017 U.S. Fund Managers of the Year,” by Laura Pavlenko Lutton, Morningstar.com, Jan. 28, 2018“This Fund Manager Is Among the Greats,” by Leo Acheson, Morningstar.com, Dec. 2, 2020.Outlook/Forecast“2021 Global Market Outlook: Managing to the Other Side,” by David Giroux, Justin Thomson, and Mark Vaselkiv, troweprice.com, Dec. 14, 2020. “What it’s Like to Buy $9 billion in Stocks During a Market Crash—This Fund Manager Did Just That,” by Philip van Doorn, marketwatch.com, June 4, 2020.ReorganizationT. Rowe Price Investment Management Overview“Is T. Rowe’s Split a Smart Way to Handle Growth?” by Katie Rushkewicz Reichart, Morningstar.com, Nov. 19, 2020.Portfolio Construction & Stock-Picking“Why Every Growth Stock Portfolio Should be Overweight in Utilities,” by Sergei Klebnikov, forbes.com, Nov. 21, 2019.“Finding Overlooked Opportunities in the COVID-19 Market,” by David Giroux, troweprice.com, Sept. 10, 2020.“An Investor Bought Billions in Stocks When it Really Hurt,” by Tim Gray, nytimes.com, July 10, 2020.“Creativity in a Low-Yield Era,” by David Giroux and Mark Vaselkiv, troweprice.com, Jan, 21, 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 Gerard O'Reilly. Gerard is co-CEO and chief investment officer of Dimensional Fund Advisors, an asset manager headquartered in Austin, Texas, that manages more than $600 billion using a systematic investing approach. In his role, Gerard works with his co-CEO, Dave Butler, to set the firm's vision and strategy while also overseeing its investment processes. Prior to assuming his current post, Gerard was Dimensional's head of research. In addition to serving as a Dimensional director, Gerard co-chairs the firm's Investment Research Committee and is a member of its Investment Committee. Gerard obtained his doctorate in aeronautics from the California Institute of Technology and his master's degree in high-performance computing from Trinity College, Dublin.BackgroundBio“Dimensional Eyes the Fund Sector’s Trillion-Dollar Club,” by Owen Walker, thefinancialtimes, March 31, 2019.ETF Launch “Dimensional Fund Advisors Significantly Expands ETF Offering,” dimensional.com, Nov. 17, 2020.“Dimensional Investing in an Active ETF Structure,” dimensional.com, Nov. 17, 2020.“Dimensional Funds ETFs Launch as Quant Plans to Convert Mutual Funds,” by Claire Ballentine, Bloombergquint, Nov. 19, 2020.“Why Dimensional Fund Advisors Is Converting Six of its Mutual Funds to the ETF Format,” by Lizzy Gurdus, cnbc.com, Dec. 1, 2020. Innovation, Value, and Return“Market Beaters: A Different Dimension,” by Beverly Goodman, barrons.com, Jan. 6, 2014.“3 Shades of Value,” by Daniel Sotiroff, Morningstar.com, Sept. 26, 2018.“Robert Merton on Financial Innovation,” by Robert C. Merton, dimensional.com, June 24, 2019.“The Real Reason Value Has Been Lagging Growth,” by Julie Segal, institutionalinvestor.com, Oct. 24, 2019.“Tesla’s Charge Reveals Weak Points of Indexing,” dimensional.com, Jan. 15, 2020.“Untangling Intangibles,” by Savina Rizova and Namiko Saito, dimensional.com, Sept. 28, 2020.“An Exceptional Value Premium,” dimensional.com, Oct. 5, 2020. “Securities Lending Fees as a Short-Term Driver of Stock Returns,” by Kaitlin Simpson Hendrix and Gavin Crabb, dimensional.com, Nov. 11, 2020.ESG“Sustainability Report,” dimensional.com, Dec. 31, 2020.“Burton Malkiel: ‘I Am Not a Big Fan of ESG Investing,’ ” The Long View podcast with Christine Benz and Jeff Ptak, Morningstar.com, Aug. 5, 2020.“Dimensional Finds ‘Little Evidence’ Emissions Are Linked to Expected Returns,” by Christine Idzelis, institutionalinvestor.com, Oct. 22, 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 George Kinder. He founded the Kinder Life Institute, which trains financial professionals in the field of what's called Life Planning after a 30-year career as a practicing financial planner and tax advisor. George is also the author of several books dedicated to teaching advisors about life planning: The Seven Stages of Money Maturity, Lighting the Torch, and Life Planning for You. He was the first winner of the Financial Planning Association's Heart of Financial Planning Award, which recognizes "individuals who demonstrate commitment and passion in doing extraordinary work to contribute or give back to the financial planning community and/or the public."BackgroundBioThe Kinder Institute of Life PlanningBooksThe Genesis & Discovery Process of Life PlanningEVOKE:® A Life Planning Methodology“Psychology and Life Planning,” by George Kinder and Susan Galvan, kinderinstitute.com.“George Kinder: Three Questions About Life Planning,” by J.D. Roth, getrichslowly.org, Feb. 15, 2009.“Financial Planner Vs. Financial *Life* Planner. Which One Is the “Right One” for Me?” by Cristina Livadary, manafld.com, Jan. 24, 2020.“Kinder: Wisdom and Life Planning in the Coronavirus Era,” by George Kinder, financialplanningtoday.co.uk, April 6, 2020.Financial AdviceWebinar: “George Kinder on Work-Life Balance--Life Planning & Mindfulness,” by George Kinder, brighttalk.com, Jan. 28, 2016.Seven Stages of Money Maturity WorkshopEVOKE® 5-Day Life Planning TrainingLife Planning for You 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 Steve Chen. Steve is the founder and CEO of NewRetirement.com, which he describes as a TurboTax for financial planning. NewRetirement advisors also offer one-on-one financial advice and coaching with certified financial planners. Prior to founding NewRetirement, Steve founded venture-backed companies in education and financial services and worked as a consultant at firms including Charles Schwab, Fidelity, and Dimensional Fund Advisors. He also hosts the NewRetirement podcast and contributes to Forbes. Steve received his Bachelor of Science in systems engineering from Boston University.Background BioNewRetirement.com Retirement Planning“Podcast: Nobel Prize Winner Robert Merton on Fixing Retirement,” by Steve Chen, newretirement.com, July 5, 2018.“The Future of Retirement Planning Is Already Here, It’s Just Not Evenly Distributed,” by Stephen Chen, soa.org, 2018.“Why Retirement Decumulation Is the New Accumulation,” by Stephen Chen, forbes.com, Sept. 30, 2019. “5 Steps to Ensure Your Money Lasts Through Retirement,” by Steve Chen, moneytalksnews.com, Jan. 6, 2021.The Pandemic & Retirement “2021: The Good, The Bad and The Ugly,” by Stephen Chen, forbes.com, Sept. 7, 2020.“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 21, 2020.“The Most Dangerous Age for Retirement,” by Stephen Chen, forbes.com, Nov. 1, 2020.Spending & Withdrawal Rates“Tax-Efficient Retirement Withdrawal Strategies,” by Stephen Chen, forbes.com, Dec. 17, 2018. “5 Mistakes to Avoid When Shopping for Annuities,” by Steve Chen, newretirement.com, June 27, 2020.“5 Steps for Defining Your Retirement Drawdown Strategy,” by Steve Chen, newretirement.com, June 29, 2020.“The Pros and Cons of Annuities: How to Evaluate Annuities for Your Retirement,” by Kathleen Coxwell, newretirement.com, Sept. 15, 2020.“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 14, 2020.Zvi BodieSocial Security & Long-Term Care“The Actual Costs of Long-Term Health Care,” by Kathleen Coxwell, newretirement.com, July 3, 2020. “Changes Coming to Social Security & Medicare: Small COLA and 6 Other New Developments for 2021,” by Kathleen Coxwell, newretirement.com, Oct. 14, 2020.“Serious Medical Crisis: Many Retirees Will Require Long-Term Care, but Few Will Be Able to Afford It,” newretirement.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast is Liz Ann Sonders, who is senior vice president and chief investment strategist at Charles Schwab. In her role, Sonders is responsible for conducting market and economic analysis, which she and her team publish in a variety of forms. She also regularly appears in the financial media and was recently named to the Barron's "100 Most Influential Women in Finance" list. Sonders joined Schwab in 2000, when the firm acquired her prior employer, U.S. Trust. Before that, she was a managing director and senior portfolio manager at Avatar Associates. Sonders received her bachelor's degree from the University of Delaware and her Master of Business Administration from Fordham University's Gabelli School of Business.BackgroundLiz Ann Sonders' bio Market Outlook"Schwab Market Perspective: Watching the Wheels," by Liz Ann Sonders, Jeffrey Kleintop, and Kathy Jones, Charles Schwab, Dec. 11, 2020."2021 U.S. Market Outlook: Better Days?" by Liz Ann Sonders, Charles Schwab, Nov. 30, 2020."2020 Mid-Year Outlook: U.S. Stocks and Economy," by Liz Ann Sonders, Charles Schwab, June 15, 2020."2020 U.S. Market Outlook: Ramble On? by Liz Ann Sonders, Charles Schwab."Another Tricky Day," by Liz Ann Sonders, AdvisorAnalyst.com, Aug. 11, 2020.Martin Zweig's Winning on Wall Street"What Is Don't Fight the Fed?" by Kent Thune, The Balance, July 15, 2020."Fed Aims to Help Nurse the Economy Back to Health," by Liz Ann Sonders, AdvisorAnalyst.com, April 30, 2020."The Song Remains the Same: Fed Keeps Rates/Balance Sheet Steady," by Liz Ann Sonders, Charles Schwab, Dec. 16, 2020. The Pandemic and the Future"How the U.S. Economic Stimulus Package May Affect Investors," by Schwab Center for Financial Research, March 27, 2020."Schwab's Liz Ann Sonders Puts Odds of Stimulus at Slim to None," by Jeff Benjamin, InvestmentNews, Oct. 28, 2020."Triage: Throwing Everything at the Virus," by Liz Ann Sonders, AdvisorAnalyst.com, March 24, 2020."Schwab's Sonders, Kleintop Predict Weak Start for Economy in 2021," by Jeff Berman, ThinkAdvisor, Dec. 20, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hear some of favorite clips from conversations we had in 2020 with portfolio managers and investors in this week's episode.Here are the complete episodes that are referenced in this week’s episode.Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’Rick Rieder: Nobody Has Ever Seen Anything Like ThisDan Fuss: It's Too Early to RelaxMary Ellen Stanek: Hitting for Singles and Doubles in the Bond MarketJon Stein: 'Free Trading Is Actually Going to Cost You'Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'Jim Dahle: 'Income Is Not Wealth'Charley Ellis: Why Active Investing Is Still a Loser's Game Will Danoff: Succeeding at ScaleJerome Clark: 'We Tend to Become Myopic in a Bear Market'Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields 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 on the topics of financial planning and retirement research.Here are the complete episodes that are referenced in this week’s episode.Michelle Singletary: ‘You Need Diversity’ Kerry Hannon: Remote Work Trend Benefits Older WorkersWade Pfau: The 4% Rule Is No Longer SafeJonathan Guyton: What the Crisis Means for Retirement PlanningJamie Hopkins: How Low Bond Yields, Recession Impact Retirement Mary Beth Franklin: To Fix Social Security, 'Everybody Is Going to Have to Be Unhappy’ Tim Maurer: ‘Personal Finance Is More Personal Than It Is Finance’ Lazetta Rainey Braxton: ‘Financial Planning for ‘the Rest of Us’Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’Ramit Sethi: ‘What Is Your Rich Life?’ Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is personal finance expert, Jean Chatzky. She is the CEO of HerMoney.com and host of the podcast "HerMoney with Jean Chatzky." Jean has served as the financial editor of NBC's TODAY show for the past 25 years and she is also the financial ambassador for AARP. She has written several best-selling personal finance books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. She holds a BA in English from the University of Pennsylvania. BackgroundBioBooksHerMoneyHerMoney PodcastsThe Pandemic and Personal Finances“Should You Save More Right Now (in the Pandemic) or Pay Down Debt?” by Jean Chatzky, savvymoney.com, Dec. 8, 2020. “Four Secrets to Mastering Your Money (Even in a Pandemic),” by Jean Chatzky, hermoney.com, Nov. 6, 2020.“The Hidden Costs of Unpaid Caregiving,” by Sarah Gammage, Naziha Sultana, and Manon Mouran, imf.org, March 2019. “7 Personal Finance Concerns in These Uncertain Times--and a Plan of Action for Each,” by Jennifer Folsom, nbcnews.com, March 16, 2020.“Jean Chatzky on the Financial Challenges of Being a Caregiver,” AARP.org, March 11, 2020.Financial Education and College Funding “Financial Literacy Effectiveness & Providing Just-In-Time Training By Financial Advisors,” by Michael Kitces, kitces.com, Sept. 21, 2016.NextGenVestFrankMark KantrowitzJason Zweig“Do Schools Get an F in Financial Education?” by Jean Chatzky, jeanchatzky.com. “This Week in Your Wallet: Funding a College Education,” by Jean Chatzky, jeanchatzky.com. “6 Ways to Talk to Your Kids About Money,” by Jean Chatzky, nbcnews.com, March 6, 2019.“Are You Teaching Your Kids the Wrong Money Lessons?” by Jean Chatzky, thebalance.com, Nov. 20, 2019.Women & Money “The Real Challenge for Women Breaking the Glass Ceiling,” by Jean Chatzky, hermoney.com, Oct. 29, 2020.“Women Face Financial Challenges in Retirement That Men Just Don’t. Here’s How to Overcome Them,” by Jean Chatzky, hermoney.com, Nov. 11, 2019.“Jean Chatzky: Here’s How Women Can Take Charge of Their Money,” by Jessica Dickler, cnbc.com, March 31, 2019.Financial Advice & WellnessAlliance for Lifetime IncomeWealthramp“Jean Chatzky: The 4 Biggest Money Mistakes of My Life,” by Jean Chatzky, nbcnews.com, May 16, 2019.“Saving for a Goal,” by Jean Chatzky, savvymoney.com, May 20, 2019.Alliance for Lifetime Income“Jean Chatzky on how to Make Your Money Last After Retirement,” by Jean Chatzky, today.com, Jan. 2, 2017.“This Week in Your Wallet: The Truth About Multitasking,” by Jean Chatzky, jeanchatzky.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 today is Simon Hallett. He is the co-chief investment officer at Harding Loevner, an investment boutique that manages more than $70 billion for individuals and institutions. Harding Loevner's specialty is global-equity investing, which it offers through its flagship International Equity and Emerging Markets strategies. In his role as co-CIO, Hallett oversees research and decision-making for the firm. Prior to joining Harding Loevner in 1991, Hallett was stationed in Hong Kong, where he did research and portfolio management stints at Kleinwort Benson and Jardine Fleming Investment Management. He's a graduate of Oxford University and a CFA charterholder. In addition to these duties, Hallett is also the chairman and majority owner of the Plymouth Argyle Football Club in Plymouth, England.BackgroundBioHarding LoevnerPlymouth Argyle Football ClubBehavioral Finance and Decision-Making"Taking the Emotion out of Investment Decisions," by Barry Ritholtz, Bloomberg, Aug. 4, 2020."Simon Hallett: Original Thought Is Overrated, Good Decisions Matter More," by Alex Steger, Citywire, Sept. 11, 2020.Prospect Theory definitionMichael Maubboussin StrategiesHarding Loevner strategiesHarding Loevner Emerging MarketsHarding Loevner International Equity Harding Loevner Global Equity 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 is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ESG and corporate governance research and ratings. Prior to forming Sustainalytics in 2009, Michael was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael has been recognized with numerous awards for his leadership and work on sustainable investing, including the Responsible Investment Association's Lifetime Achievement Award, which he received in 2010. Michael is a director of the Tides Canada Foundation and sits on the Advisory Council of Ivy Business School's Institute for Long-Term Prosperity Through Business. He also serves as a director of the Principles for Responsible Investment, or PRI. Michael holds degrees from Western University and Dalhousie University. BackgroundBioSustainalyticsMakeWay (formerly Tides Canada Foundation)Principles for Responsible Investment (PRI)ESG EvolutionWhat is ESG?“ESG Investing Comes of Age,” by Jon Hale and Bridget Ginty, Morningstar.com, June 2020.Sustainalytics’ ESG Risk RatingsEnvironmental, Social, and Governance Investing, Morningstar.com The Value and Efficacy of ESG“The True Value of ESG Data,” by Leon Saunders Calvert, refinitiv.com, Sept. 3, 2020.“Who Cares About ESG Investing?” by Steve Wendel and Samantha Lamas, Morningstar.com, May 3, 2019.“Why ESG Matters in a Crisis,” institutionalinvestor.com, June 9, 2020.“Breaking the Tragedy of the Horizon--Climate Change and Financial Stability,” speech by Mark Carney, bankofengland.co.uk., Sept. 29, 2015.“How to Align Your Investments With the U.N. Sustainable Development Goals,” by Dan Lefkovitz, Morningstar.com, Oct. 28, 2019. ESG Ratings/Subjectivity“’This Is the Shareholders’ Money’: Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs,” by Ben Winck, businessinsider.com, Jan. 2, 2020. “The Department of Labor Attempts to Throttle ESG Investing,” by John Rekenthaler, Morningstar.com, July 2, 2020.ESG Best Practices“U.S. Lags Europe on Regulation of ESG Investing,” by Joe McGrath, expertinvestoreurope.com, June 3, 2019.“Sustainable Finance Disclosure Regulation: An Industry Game-Changer,” by Anne Schoemaker, sustainalytics.com, Nov. 4, 2020.Risk/Return “ESG Investing Is About Long-Term Risk Management,” by Alex Bryan, morningstar.com, July 14, 2020.“Sustainable Funds Weather Downturns Better Than Peers,” by Tom Lauricella and Jess Liu, Morningstar.com, June 15, 2020. “COVID-19 and Beyond: Using Sustainable Finance to Build Social Resilience,” by Jonathan Laski, sustainalytics.com, April 7, 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 Adley Bowden. Adley is the vice president of market analysis at PitchBook, which is a Morningstar affiliate. In his role, Adley oversees PitchBook's voluminous research and editorial content on private markets, including private equity, private debt, venture capital, real estate, as well as the vehicles that invest in these areas. In addition, Adley is also a regular host at PitchBook's "In Visible Capital" podcast, which just kicked off its second season and is available on most popular podcast players. Adley first joined PitchBook in 2008 and has served in a number of roles prior to assuming this current post. He's a graduate of the University of Washington from which he earned his bachelor's degree in economics and international studies.BackgroundBioPitchbookIn Visible Capital BlogPrivate Equity InvestingPitchBook Private Markets Guide “What Are the Private Markets?” PitchBook Blog, PitchBook.com, July 8, 2020. “Digging Into the Fine Print of LP Agreements,” PitchBook.com, Sept. 11, 2020.“What Is GP Stakes Investing?” PitchBook Blog, PitchBook.com, July 31, 2020.“What Factors Drive Risk and Return in GP Stakes Investing?” PitchBook.com, Sept. 29, 2020.Private Markets“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, morningstar.com, April 1, 2020.“The Cons (and Pros) of Vanguard’s Decision to Offer Private Equity,” by John Rekenthaler, Morningstar.com, Feb. 25, 2020. “Private Equity’s Potential for Strategic Portfolios,” by Roger Aliaga-Díaz, Giulio Renzi-Ricci, Harshdeep Ahluwalia, Douglas M. Grim, and Chris Tidmore, Vanguard.com, Nov. 5, 2020. “The ‘Private for Longer’ Effect: Step-Up Valuations at IPO Declining for US VC-Backed Companies,” by Dana Olsen, PitchBook.com, Dec. 1, 2017.“Private vs. Public Market Investors: Who’s Reaping the Gains From the Rise of Unicorns?” by Adley Bowden and Andy White, PitchBook.com, June 19, 2018.Private Market Interest and Performance“What Is Dry Powder?” PitchBook Blog, PitchBook.com, March 2, 2020.“Private Markets See All-Time Highs in Dry Powder,” PitchBook.com, Feb. 19, 2019.“How’d Active Funds Do in 2019? So-So,” by Jeffrey Ptak, Morningstar.com, Jan. 20, 2020.“Private Equity-Backed Bankruptcies Surged in May, But Future Might Not Be So Bleak,” by Adam Lewis, PitchBook.com, June 5, 2020.“Venture Capital Exit Values Achieved Second Highest Total Ever in Q3 Despite Continued Uncertainty,” PitchBook.com, Oct. 13, 2020.“Private Equity Risk and Public Equity Opportunity,” Dan Rasmussen and Ted Seides, Capital Allocators Podcast, Feb. 16, 2020. Special Purpose Acquisition Companies“Private Equity Plays a Starring Role in 2020’s SPAC Boom,” by Adam Lewis, PitchBook.com, Oct. 17, 2020.“9 Big Things: 2020’s SPAC-tacular Keeps Getting Crazier,” by Kevin Dowd, PitchBook.com, Oct. 11, 2020.Impact of the Pandemic“Live Coronavirus Updates: Coronavirus Effects on Private Markets,” PitchBook.com, Nov. 18, 2020.“Investors Are Cautious on Private Markets During Shutdowns, PitchBook Survey Shows,” by Alexander Davis, PitchBook.com, April 9, 2020.“Coronavirus Forces Venture Capitalists to Adopt New Script on Fundraising,” by James Thorne and Priyamvada Mathur, PitchBook.com, June 2, 2020.“Venture Capital Fundraising and Investment Dollars Remained Healthy Through 1H 2020 Amid Slowdown in Exits and Deal Count Due to Impacts of COVID-19,” PitchBook.com, July 14, 2020.“PitchBook Analyst Note: COVID-19’s Influence on Private Market Strategies and Allocators,” by James Gelfer, Dylan Cox, Hilary Wiek, and Wylie Fernyhough, Pitchbook.com, “PitchBook Analyst Note: The Great Unlocationing,” by Paul Condra, PitchBook.com, April 30, 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 noted author and researcher Larry Swedroe. Larry is chief research officer at financial advisory firm Buckingham Wealth Partners, which he joined in 1996. In his role, Larry is responsible for reviewing academic research on financial and investing matters and determining how that research should inform Buckingham's investment strategy. Larry is also a member of the firm's Investment Policy Committee. Larry has written numerous books on investing and finance, the most recent being the second edition of The Incredible Shrinking Alpha, which he coauthored with Andrew Berkin. His work has also been published in various academic journals, including the Journal of Investing. Larry began his career as a risk manager at Citicorp and later at Prudential Home Mortgage. He received his bachelor's in finance from Baruch College in New York and his MBA in finance and investment from New York University.BackgroundBioLarry Swedroe’s booksInvestment Strategies/Factor Investing“Swedroe: A Five-Factor Evaluation,” by Larry Swedroe, Yahoo.com, Sept. 25, 2017. “Swedroe: Factor Persistence & Diversification,” by Larry Swedroe, ETF.com, May 8, 2017.“Swedroe: Simple Factor Investing,” by Larry Swedroe, ETF.com, Sept. 10, 2018.“Swedroe: 3 Factor Investing Myths,” by Larry Swedroe, ETF.com, Feb. 13, 2019.“Swedroe: Virtues of a Long/Short Strategy,” by Larry Swedroe, ETF.com, Aug. 14, 2015“Factors in Commodity Returns,” by Larry Swedroe, seekingalpha.com, Sept. 9, 2020.“Swedroe: Understanding Risk & Return,” by Larry Swedroe, ETF.com, Nov. 7, 2018.“Larry Swedroe: Risk Warrior in Action,” by Janet Levaux, thinkadvisor.com, March 26, 2019.“An Investment Strategy That Reduces the Risk of Black Swans,” by Robert Powell, thestreet.com, March 27, 2019.“Value and Momentum Everywhere,” by Clifford S. Asness, Tobias J. Moskowitz, and Lasse Heje Pedersen, The Journal of Finance, Vol. LXVIII, No. 3, June 2013.“Profitability, Investment and Average Return,” by Eugene F. Fama and Kenneth R. French, Journal of Financial Economics, July 28, 2006.“The Other Side of Value: The Gross Profitability Premium,” by Robert Novy-Marx, National Bureau of Economic Research, April 2010.“The Simple Explanation for Value’s Underperformance,” by Larry Swedroe, evidenceinvestor.com, Jan. 3, 2020.“Even Great Investments Experience Massive Drawdowns,” by Larry Swedroe, alphaarchitect.com, Aug. 20, 2020.“Swedroe: Small Value Lags for 15 Years,” by Larry Swedroe, ETF.com, Feb. 20, 2019.“Passive Investing Without Indexes,” by Larry Swedroe, ETF.com, April 13, 2016.“A Comparison of Passively Managed, Small-Value Funds,” by Larry Swedroe, advisorperspective.com, March 10, 2020.Fixed Income“Swedroe: Factors in Fixed Income,” by Larry Swedroe, ETF.com, May 4, 2018.“Swedroe: Consider Factors in Fixed Income,” by Larry Swedroe, ETF.com, June 27, 2016.“Swedroe: Why Chasing Yield Fails,” by Larry Swedroe, ETF.com, Dec. 26, 2018.“Swedroe: High-Yield Rewards Underwhelming,” by Larry Swedroe, ETF.com, Dec. 30, 2015.Retirement Planning“Sequence Risk Is a Big Threat to Retirees,” by Larry Swedroe, evidenceinvestor.com, Oct. 18, 2019.“8 Retirement Planning Mistakes to Avoid,” by Larry Swedroe and Kevin Grogan, nextavenue.org, Jan. 8, 2019.“Safe Withdrawal Rate: Is 3 Percent the new 4 Percent?” by Larry Swedroe, cbsnews.com, Oct. 4, 2013.“Do you Choose a Declining or Rising Equity Strategy in Retirement?” by Larry Swedroe, buckinghamadvisor.com, July 22, 2016.ESG Investing “Swedroe: ESG Strategy Performance,” by Larry Swedroe, ETF.com, April 10, 2019.“The Risk and Return Implications of ESG,” by Larry Swedroe, buckinghamadvisor.com, May 29, 2018.“How ESG Makes Companies Better,” by Larry Swedroe, advisorperspectives.com, June 16, 2020.“Determining the Nature of ESG Returns,” by Larry Swedroe, thebamalliance.com, Sept. 6, 2018. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is personal finance expert and author Ramit Sethi. Ramit's first book I Will Teach You To Be Rich, published in 2009, was a best-seller. A new edition of the book came out last year. Ramit is the founder of Iwillteachyoutoberich.com and Earnable, an online course created to help entrepreneurs start and accelerate their businesses. He received his bachelor's and master's degrees from Stanford.Ramit Sethi's BackgroundBioRamit Sethi’s booksIwillteachyoutoberich.comEarnableFinancial Decision-Making and Wellness“Self-Made Millionaire Ramit Sethi: This Is the Mindset you Need to Be Rich,” by Ali Montag, cnbc.com, Sept. 18, 2018.“Money Dials: Why you Spend the Way you Do,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“How to Get out of Debt Fast (…Even if You’re Dead Broke),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 8, 2019.“I’ve Been Writing About Money for 15 Years, and I Can Tell you too Many Couples Talk About Money all Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.“Emergency Fund: How a few Thousand Dollars Can Save Your Life,” by Ramit Sethi, iwillteachyoutoberich.com.“How Much Do I Need to Retire?” by Ramit Sethi, iwillteachyoutoberich.com.“The World’s Easiest Guide to Understanding Retirement,” by Ramit Sethi, iwillteachyoutoberich.com, June 10, 2019.“Self-Made Millionaire Ramit Sethi Shares his No. 1 Piece of Advice to Invest for Retirement,” by Tom Huddleston, Jr., cnbc.com, Oct. 31, 2018.“I Always Thought People who Flew First Class Were Suckers, Until I Realized They Knew Something About Spending Money it Took me Years to Figure Out,” by Ramit Sethi, businessinsider.com, Feb. 19, 2019.“Economic Class in America: A new Framework,” by Ramit Sethi, iwillteachyoutoberich.The Pandemic“Ramit Sethi: Here’s What to Do if You’re Short on Cash Right Now,” by Megan Leonhardt, cnbc.com, June 24, 2020.“Coronavirus: Panic Is bad, but Overreaction is Good,” by Ramit Sethi, iwillteachyoutoberich.com, March 11, 2020.“Money & Coronavirus: How to Save for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com. “The 3 Most Important Money Rules for a Recession,” by Ramit Sethi, iwillteachyoutoberich.com.Advice and Investing“Why Personal Finance ‘Experts’ Continue Giving Worthless Advice,” by Ramit Sethi, iwillteachyoutoberich.com.“Betterment Versus Wealthfront: Which Is the Better Robo-advisor?” by Marquette Carney, iwillteachyoutoberich.com.“A Financial Expert and Best-Selling Author Says for Building Wealth in the Long Term, ‘Average’ Is More Than Enough,” by Tanza Loudenback, businessinsider.com, May 21, 2019.“Money Expert Ramit Sethi Shares his 3-Step Strategy to Save Money While Eliminating Debt,” by Anna Hecht, cnbc.com, March 26, 2020.“Investing for Beginners: How to Save Millions for the Future,” by Ramit Sethi, iwillteachyoutoberich.com, March 2, 2020.“How to Help Clients Choose Between Funding Retirement and a Child’s College Education,” by Samantha Lamas, Morningstar.com, Oct. 11, 2019.Housing“Don’t Buy a House (+ How to Ignore Dumb Propaganda),” by Ramit Sethi, iwillteachyoutoberich. “Buying Vs. Renting: Which Is the Best Option for You?” by Marquette Carney, iwillteachyoutoberich.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is financial advisor and author Tim Maurer, the director of advisor development for Buckingham Wealth Partners. He coauthored The Ultimate Financial Plan: Balancing Your Money and Your Life with Jim Stovall, and he also wrote Simple Money: A No-Nonsense Guide to Personal Finance. He's a member of the CNBC Financial Advisor Council and is also a regular contributor to CNBC, Forbes, and Time/Money. Maurer is a certified financial planner and a graduate of Towson University. Tim Maurer's BackgroundBioThe Ultimate Financial Plan: Balancing Your Money and Your LifeSimple Money: A No-Nonsense Guide to Personal FinanceFinancial Life Planning"What Is Financial Life Planning?" by Sheiresa Ngo, CheatSheet, May 31, 2015."Beyond Finances: Holistic Life Planning Trends Among Advisors," InvestmentNews, Jan. 23, 2020."How Should Retirees Deal With Crazy Markets When They Don't Have Time to Stay the Course?" by Tim Maurer, timmaurer.com, March 20, 2020."Reconsidering Your Life Because of the Pandemic? You're Not Alone," by Mimi Montgomery, Washingtonian, April 21, 2020."Financial Planner vs. Financial *Life* Planner. Which one Is the 'Right One' for Me?" by Cristina Livadary, Mana, Jan. 24, 2020."'The Whole Financial Planning Process Is Wrong,' Expert Says,” by Tim Maurer, Forbes, July 28, 2017.Financial Planning AssociationNAPFA: The National Association of Personal Financial AdvisorsKinder Institute of Life Planning"George Kinder: Three Questions About Life Planning," by J.D. Roth, Get Rich Slowly, Aug. 1, 2019.Money QuotientYour Mental Wealth, Drs. Ted Klontz and Brad KlontzKahler Financial GroupThe Future of Financial AdviceBuckingham Strategic WealthDrive: The Surprising Truth About What Motivates Us, by Daniel Pink."Simple Money Portfolio," by Tim Maurer, timmaurer.com. "Tim Maurer Simple Money Portfolio Review and ETFs to Use," by Tim Maurer, Optimized Portfolio, Oct. 7, 2020."Kitces: Pandemic to Accelerate Shift to AUM-Based Fee Model," by Jeff Berman, ThinkAdvisor, May 7, 2020."ESG Index Funds Hit $250 billion as Pandemic Accelerates Impact Investing Boom," by Pippa Stevens, CNBC, Sept. 2, 2020.College Planning"Is COVID-19 Creating an Education Planning Crisis?" by Tim Maurer, The Bam Alliance, June 3, 2020."The Non-Conformist's 4-Step Education Savings Plan," by Tim Maurer, Forbes, May 31, 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 this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global fixed-income Executive Committee. In his role, Peter oversees all aspects of municipal fund management, including portfolio management, research, strategy, and trading. Among his responsibilities, Peter is one of the managers of the BlackRock Strategic Opportunities Fund. In addition to these duties, Peter is also a member of BlackRock's Global Operating Committee. Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment Management, where he led the short-term tax-exempt trading desk and managed short-term municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross.BackgroundPeter Hayes BioThe Big Picture“Local Finances Are Troubled, but Fund Investors May Still Profit,” by Carla Fried, nytimes.com, July 10, 2020.“Muni Investors Scale Back,” by Peter Hayes, blackrock.com, Oct. 7, 2020.“How Much Is COVID-19 Hurting State and Local Revenues?” by Louise Sheiner and Sophia Campbell, brookings.edu, Sept. 24, 2020.“Record Increases of new Covid-19 Cases in 3 U.S. States With the Most Population,” by Jay Croft, Christina Maxouris, and Douglas Wood, cnn.com, June 24, 2020.Stimulus“Second Stimulus Checks (10/1/20): What Will the Next Stimulus Package Look Like?” by Claudia Dimuro, pennlive.com, Oct. 2, 2020.“CARES Act Includes Essential Measures to Respond to Public Health, Economic Crises, But More Will Be Needed,” by Sharon Parrott and others, cbpp.org, March 27, 2020.Municipal Liquidity Facility definition“The Fed Says It Is Expanding its Municipal Bond Buying Program,” by Jeff Cox, cnbc.com, April 27, 2020. “U.S. Municipal Market Activity Witnessing Positive Momentum Post Fed’s Intervention,” by Nikhil Francis and Saswata Mohanty, acuitykp.com, Sept. 18, 2020.“Lawmakers Tangle Over Fed’s Muni-Market Rescue,” by Heather Gillers, morningstar.com, Sept. 17, 2020.“Riskier Fixed-Income Sectors Bounce Back in the Second Quarter,” by Gabriel Denis, Morningstar.com, July 6, 2020.Credit“Municipal Bond Perspective: Where We Go From Here,” beyondbullsandbears.com, April 24, 2020.“How Is the Coronavirus Crisis Affecting the Municipal Bond Market?” by Daniel Bergstresser, econofact.org, April 8, 2020.“Bond Insurance Returns to the Muni Market in a Big Way,” by Heather Gillers, wsj.com, Oct. 22, 2020.“Muni Bond Insurers See Demand Grow Amid Pandemic Worries,” by Liz Kiesche, seekingalpha.com, Oct. 22, 2020.Supply and Demand“Municipal Bond Market Update—September Edition,” by Corey Boller, dividend.com, Sept. 10, 2020.“Supply and demand shocks in the COVID-19 pandemic: an industry and occupation perspective,” by R Maria del Rio-Chanona and others, academic.oup.com, Aug. 29, 2020. “Will Supply-Chain Disruptions and Delayed Capital Spending Be Material,” by Brian Bernard, Morningstar.com, March 25, 2020.“Munis in Focus: 2020 Municipal Market Update,” by David Hammer, pimco.com, Sept. 11, 2020.“Global Supply Chains in a Post-Pandemic World,” by Willy C. Shih, hbr.org, Sept.-Oct. 2020.“Reviving States, Cities and the Munibond Market Amid COVID-19,” by Brian Wynne, morganstanley.com, April 27, 2020.“Revenue Streams Drying Up? Municipal Bonds in the Pandemic,” by Dennis DiCicco, jhinvestments.com, Aug. 20, 2020.Taxes“Calculating Tax Equivalent Yield: Are Municipal Bonds Right for You?” by Thomas Kenny, thebalance.com, May 11, 2020.“7 Best Tax-Free Municipal Bond Funds,” by Barbara Friedberg, money.usnews.com, Oct. 7, 2020.“Taxable Munis? They’re Worth a Look,” by Jeffrey R. Kosnett, Kiplinger.com, Jan. 2, 2020.“Coronavirus Fears Affect the Municipal Bond Market,” by Cooper Howard, schwab.com, March 18, 2020.“What Is the Muni-Treasury Ratio or M/T Ratio?” by Thomas Kenny, thebalance.com, July 29, 2020.Portfolio/PositioningStrategic Municipals Opportunities Fund“Muni Market Tailwinds Turn to Headwinds,” by Peter Hayes and Sean Carney, blackrock.com, April 2, 2020.“Short Term Treasuries Are ‘Overvalued’: BlackRock Muni Bonds Head,” Peter Hayes on “On the Move” video panel, finance.yahoo.com, Sept. 18, 2020.“Stay the Course Amid Market Volatility,” blackrock.com.“Volatility, the Vote and Taking the Long View,” by Tony DeSpirito, blackrock.com, Oct. 12, 2020. Issue Selection“How Munis Can Boost Your Investment Health,” gsam.com, Oct. 5, 2020.“How to Invest in Municipal Bonds,” by Miranda Marquit, forbes.com, July 9, 2020.“Small Investors Ruled the Municipal-Bond World for a few Days in March,” by Heather Gillers, wsj.com, May 7, 2020.“How and Why to Build a Bond Ladder,” fidelity.com, Sept. 17, 2020.“Rising Rates Series: The Ups and Downs of Bond Ladders,” by Karen Schenone, fundsociety.com, June 4, 2018.“2011: The Year 60 Minutes Misled Americans About Municipal Bonds,” by Janet Tavakoli, businessinsider.com, Dec. 30, 2011. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our coll

Our guest on the podcast is author and retirement expert Kerry Hannon. Hannon has written 14 books thus far. Her latest is called Great Pajama Jobs: Your Complete Guide to Working from Home. She is also a regular contributor to The New York Times, MarketWatch, and Forbes and is the personal finance and entrepreneurship expert on the PBS website NextAvenue.org. Hannon's work focuses on career, financial, and life guidance for midlife workers. She has also written extensively about how women can take charge of their own financial planning. Hannon is a former National Press Foundation Fellow and a former Fellow of the Columbia Journalism School and the Robert N. Butler Columbia Aging Center's Age Boom Academy. She is also a former MetLife Foundation and New America Media Fellow on Aging. She received a bachelor's degree from Duke University.BackgroundKerry Hannon bio Kerry Hannon books Remote Work"10 Tips To Be a Successful Remote Worker," by Kerry Hannon, kerryhannon.com, Oct. 3, 2020."Coronavirus Suddenly Transformed the Workplace," by Kerry Hannon, kerryhannon.com, May 31, 2020."ProBoomer Interview: Work From Home Tips," by Kerry Hannon, kerryhannon.com, May 24, 2020."Is Working Remote a Blessing or Burden? Weighing the Pros and the Cons," by Bryan Robinson, Forbes, June 19, 2020."These Simple Habits Can Stop Work-From-Home Burnout," by Kerry Hannon, MarketWatch, Sept. 10, 2020."I've Been Working From Home for Years--This Is How to Do It Successfully," by Kerry Hannon, MarketWatch, March 21, 2020."Work From Home Is Here to Stay, but It May Put Younger Workers at a Disadvantage," by Juliana Kaplan and Hillary Hoffower, Business Insider, May 29, 2020. Midlife and Older Workers"Tips for Finding a Job When You're Over 50," by Kerry Hannon, kerryhannon.com, Oct. 18, 2020."Why Working From Home Benefits Older Workers--and Their Employers," by Kerry Hannon, kerryhannon.com, July 12, 2020."Prepare Yourself for the New Job Market," by Kerry Hannon, kerryhannon.com, June 6, 2020."Sorry, 'OK, Boomer'--Workplaces of the Future Will Be Multigenerational," by Kerry Hannon, kerryhannon.com, Feb. 19, 2020. "Here's Why the Workplace of the Future Must Include Older Workers," by Kerry Hannon, kerryhannon.com, Dec. 29, 2019."Why Are People Working Longer? It's Not What You Think," by Kerry Hannon, MarketWatch, Sept. 18, 2020."5 Ways to Help Your Aging Workforce Embrace Digital Transformation," by Nick Candito, Entrepreneur, July 12, 2017."How to Combat age Discrimination," by Kerry Hannon, kerryhannon.com, Oct. 2, 2016."Are You Ready for Your Encore Career?" by Kerry Hannon, kerryhannon.com, Feb. 25, 2018."The Impact of the Coronavirus Recession on Older Workers," by Congressman Don Beyer, Vice Chair of the Joint Economic Committee, August 2020. Entrepreneurship for Older Adults"Seven Tips for Starting Your Own Business," by Kerry Hannon, kerryhannon.com, July 14, 2019."At Last, a Co-Working Space for Midlife Entrepreneurs," by Kerry Hannon, kerryhannon.com, Jan. 5, 2020.Financial Advice for Women"What Women 50+ Want From Financial Advisers--Much More Than Men," by Kerry Hannon, Forbes, May 21, 2020."Why It's Hard for Women to Save for Retirement," by Kerry Hannon, kerryhannon.com, Dec. 7, 2019."Four Ways Women Can Get Smarter About Money," by Kerry Hannon, kerryhannon.com, Aug. 6, 2017."Facing the Financial Shocks of Widowhood," by Kerry Hannon, kerryhannon.com, Nov. 12, 2018."Women Facing Financial Challenges for Retirement," by Kerry Hannon, kerryhannon.com, March 3, 2019.Long-Term Care/Caring for Aging Parents"Love You, Dad. Alzheimer's Care and My Family's Story," by Kerry Hannon, Forbes, June 17, 2012. "The 5 Money Lessons I Learned From My Father," by Kerry Hannon, kerryhannon.com, June 16, 2013."Women and Long-Term Care Insurance," by Kerry Hannon, kerryhannon.com, March 4, 2014."Must-Know Statistics About Long-Term Care: 2019 Edition," by Christine Benz, morningstar.com, Nov. 25, 2019.“4 Ways the Pandemic Is Affecting Long-Term Care," by Christine Benz, morningstar.com, Aug. 7, 2020. "How Does a Pandemic Change Everything?" by Hannah Wolfson, HomeCare, Aug. 4, 2020."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 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 Karsten Jeske, the founder of the website EarlyRetirementNow and a thoughtful and technically proficient member of the Financial Independence, Retire Early (FIRE) community. In 2018, Karsten retired in his early 40s, after a career in the financial world. He served as Director of Asset Allocation Research for Mellon Capital Management from 2008 through 2018, and before that, was a research economist at the Federal Reserve Bank of Atlanta for a decade. Karsten has his PhD in economics from the University of Minnesota and has taught undergraduate and PhD-level economics at Emory University. He's also a chartered financial analyst.BackgroundKarsten Jeske BioEarly Retirement NowFIRE DefinitionThe Pandemic’s Impact on the FIRE Movement“The Shortest Recession Ever? My Thoughts on the State of the Economy,” by Karsten Jenke, EarlyRetirementNow.com, Aug. 25, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” by Christine Benz and Jeffrey Ptak, The Long View, June 3, 2020. “The Coronavirus Pandemic and Retirement Security,” by Mark Miller, Morningstar.com, Aug. 24, 2020.“Retiring During a Pandemic,” by Christine Benz and Maria Bruno, Morningstar.com, Aug. 14, 2020. “Can You Retire Early? Should You?” by Christine Benz and Susan Dziubinski, Aug. 7, 2020. Early Withdrawal Rates for Early RetireesThe Trinity StudyThe Safe Withdrawal Rate Series--A Guide for First-Time Readers“Do We Really Have to Lower our Safe Withdrawal Rate to 0.5% Now?” by Karsten Jeske, EarlyRetirementNow.com, Aug. 31, 2020.Shiller P/E Ratio Definition“Who’s Afraid of a Bear Market?” by Karsten Jeske, EarlyRetirementNow.com, Oct. 30, 2019. Low Bond Yields and Withdrawal Rates“Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning,” by Christine Benz and Jeffrey Ptak, The Long View, July 14, 2020. “Wade Pfau: The 4% Rule is No Longer Safe,” by Christine Benz and Jeffrey Ptak, The Long View, April 29, 2020. “What Ultralow Yields Mean for Your Financial and Retirement Plan,” by Christine Benz, Morningstar.com, May 4, 2020. “Low Rates Aren’t Going Anywhere. Here’s What That Means for Retirement Planning,” by David Blanchett, ThinkAdvisor.com, Aug. 14, 2020.IRA Required Minimum Distribution Worksheet Bogleheads’ Variable Percentage WithdrawalSequence of Return Risk/Asset AllocationSequence Risk Definition “The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019. “The Pros and Cons of Rising Equity Glide Paths in Retirement,” by Wade Pfau, forbes.com, May 4, 2017.“The Portfolio Size Effect and Using a Bond Tent to Navigate the Retirement Danger Zone,” by Michael Kitces, Kitces.com, Oct. 5, 2016. “Cut Stocks or Add to Them? A Key Dilemma to Your Retirement Plan,” by Christine Benz, morningstar.com, July 25, 2019.“How to Determine Asset Allocation in a Retirement Portfolio,” interview with Christine Benz and David Blanchett, Morningstar.com, April 29, 2015.“The Yield Illusion: How Can a High-Dividend Portfolio Exacerbate Sequence Risk?” by Karsten Jeske, EarlyRetirementNow.com, Feb. 13, 2019.Healthcare and the FIRE Movement“Top 3 Health Insurance Options If You Retire Early,” by Thom Tracy, Investopedia.com, April 14, 2020.“How Does the F.I.R.E Movement Affect Insurance?” by Brianna Slattery, clearsurance.com, Jan. 23, 2020.“The Ten Commandments of Whole Life Insurance,” by Karsten Jeske, EarlyRetirementNow.com, Sept. 26, 2018.Health Care Sharing Ministry Affordable Care Act Social Security “Taxation of Social Security: The Tax Torpedo & Roth Conversion Tightrope,” by Karsten Jeske, EarlyRetirementNow.com, Nov. 13, 2019.“Social Security Benefits: Early or Late Retirement?” ssa.gov. Networking & Socializing in Retirement“Work, Retirement, and Social Networks at Older Ages,” by Eleonora Patacchini and Gary V. Engelhardt, Center for Retirement Research at Boston College, November 2016.“Why It’s Important to Stay Social in Retirement and How to Do It,” by Rob Pascale, forbes.com, Oct. 31, 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 financial advisor Lazetta Rainey Braxton. Lazetta is the co-founder and co-CEO of 2050 Wealth Partners, a virtual financial planning and wealth management firm geared toward serving individuals who haven't traditionally been recruited by other financial advisors because of their income, age, race, or gender. She has frequently appeared on national television shows, and she's also a member of CNBC's Digital Financial Advisory Council and a contributor to The Wall Street Journal's Experts blog. Lazetta was the recipient of Investment News' inaugural Women to Watch and Excellence in Diversity and Inclusion Awards. She also received the Association of African American Financial Advisors' Leadership Legacy Award and the Heart of Financial Planning Award from the Financial Planning Association. Lazetta received her bachelor's degree at the University of Virginia and her MBA at Wake Forest University. She's also a certified financial planner.BackgroundLazetta Rainey Braxton BioRianka R. Dorsainvil2050 Wealth PartnersCBNC Digital Financial Advisory CouncilLaunch of New Firm“Lazetta Braxton and Rianka Dorsainvil target young, diverse clients with ‘fully virtual’ firm,” by Jake Martin, citywireusa.com, Feb. 10, 2020.“Two Investopedia Top 100 Advisors Launch New Firm,” by Irene Huhulea, Investopedia.com, Feb. 12, 2020.Planning During the Pandemic“Coronavirus market plunge is making people question if they should sell stocks and run to cash,” by Sharon Epperson, cnbc.com, March 23, 2020.“Steps You Can Take to Utilize the CARES Act,” by Lazetta Rainey Braxton, 2050wealthpartners.com, April 2, 2020.“Coronavirus Giving You Financial Anxiety? How to Avoid Debt During the Pandemic,” by Sharon Epperson, 2050wealthpartners.com, March 31, 2020.“Financial Pros Offer Smart Investment Tips During the Coronavirus Crisis,” by AJ Horch, cnbc.com, April 21, 2020.Reaching a Diverse Population“It’s Past Time to Advance Black Advisors,” by Lazetta Rainey Braxton, financial-planning.com, May 26, 2020.“An Open Letter to Planners of Color,” by Rianka Dorsainvil, 2050wealthpartners.com, Sept. 17, 2019.“More Black Investors Should Look to Stock Market to Grow Their Wealth,” by Lazetta Rainey Braxton, 2050wealthpartners.com, Feb. 20, 2019.“Helping Underserved Clients Turn Income Into Wealth,” by Jane Wollman Rusoff, thinkadvisor.com, Feb. 14, 2019.Association of African American Financial Advisors“Building a Diverse and Inclusive Culture,” webinar with Lazetta Rainey Braxton, John Mackey, and Anand Sekhar, institutional.fidelity.com, Aug. 31, 2020.“We Asked, Advisors Answered: How Can the Industry Increase Diversity?” by Bernice Napach, thinkadvisor.com, July 1, 2020.“Record growth for black and Latino CFPs; status quo for women,” by Charles Paikert, financial-planning.com, Feb. 28, 2020.Firm Operations and Business Models2050 Wealth Partners’ introduction process2050 Wealth Partners’ comprehensive planning Understanding the Sandwich Generation“Michelle Singletary: ‘You Need Diversity,’” podcast, Morningstar.com, July 1, 2020. The Advice ProfessionNAPFA: The National Association of Personal Financial AdvisorsCFP.netFinancial Planning AssociationXY Planning NetworkYNAB: You Need a Budget AAAA Foundation 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 Brian Portnoy. Brian has written two books on the field of behavioral finance, The Investor's Paradox and The Geometry of Wealth. He's also the editor of a forthcoming book of essays about how financial experts invest their own money called How I Invest My Money.Brian is the founder of Shaping Wealth, a financial-wellness platform that works with individuals and organizations to make better money decisions. For more than two decades, Brian has worked in the hedge fund and mutual fund industries as portfolio manager and educator. He was also our colleague at Morningstar in the early 2000s. He's a CFA charterholder and earned his doctorate at the University of Chicago.LinksBrian Portnoy’s bioBrian Portnoy’s books Shaping Wealth“How I Invest My Own Money,” by Joshua Brown, The Reformed Broker blog, July 16, 2019.Robert Seawright blog Dasarte YarnwayMorgan Housel Shirl Penney Efficient frontier definitionHarry Markowitz Fama-French three-factor model Capital Allocators Ted Seides Howard Lindzon“Four ‘Money Scripts’: Four Ways to Feel the Power of Money,” by Ken Eisold, psychologytoday.com, May 15, 2011.Blair duQuesnay Nina O’Neal Ashby Daniels Financial Wellness“Financial Wellness in a Time of Crisis,” speaker Brian Portnoy, Association for Coaching, April 20, 2020Funded ContentmentBehavioral FinanceDaniel Kahneman Amos Tversky Prospect theory “The Two Friends Who Changed How We Think About How We Think,” by Cass R. Sunstein and Richard Thaler, newyorker.com, Dec. 7, 2016Misbehaving: The Making of Behavioral Economics, Richard H. Thaler, June 14, 2016Daniel Crosby Alliance for Decision Education Annie Duke Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plans, by Shlomo Benartzi, April 12, 2012.Save More Tomorrow, Shlomobenartzi.com“Governments Are Trying to Nudge Us Into Better Financial Behavior. Is it Working?” by Shlomo Benartzi, John Beshears, Katherine L. Milkman, Cass R. Sunstein, and Richard H. Thaler, Washington Post, Aug. 11, 2017. Financial Literacy“Annamaria Lusardi: ‘Financial Education Works,’ ” Long View Podcast with Christine Benz and Jeffrey Ptak, morningstar.com, Feb. 19, 2020. “John Lynch: Rethinking Financial Education,” Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 11, 2019.The University of Chicago Financial Education Initiative Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a number of prominent values investing mandates, including the stock sleeve of Vanguard Wellesley Income Fund, as well as Wellington's portion of Vanguard Equity Income Fund, among other duties. Mike's investing career began in 1984 at the State of Michigan Pension Fund, followed by eight years at Kemper Financial Services, after which he joined Wellington in 1994. He received both his bachelor's degree and MBA from the University of Wisconsin-Madison and is a CFA charterholder. Matt joined Wellington in 2004 after graduating from the University of Pennsylvania. Like Mike, Matt is also a CFA charterholder.Background Michael Reckmeyer bioMatthew Hand bioWellington Management“Four Fantastic Income Funds,” by Russell Kinnel and Christine Benz, Morningstar.com, Aug. 11, 2020 Funds Mentioned Vanguard WellingtonVanguard Wellesley IncomeVanguard Equity IncomeHartford Equity IncomeOther ReferencesJack Bogle bio“Gus Sauter: Efficient Markets Are a Good Thing,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 4, 2019.“The Wildly Popular Trades Behind the Market’s Swoon and Surge,” by Gregory Zuckerman and Gunjan Banerji, wsj.com, Sept. 13, 2020Securities Mentioned in the PodcastADP https://www.morningstar.com/stocks/xnas/adp/quoteArcher-Daniels-Midland https://www.morningstar.com/stocks/xetr/adm/quoteCisco https://www.morningstar.com/stocks/xnas/csco/quoteComcast https://www.morningstar.com/stocks/xnas/cmcsa/quoteCrown Castle International https://www.morningstar.com/stocks/xnys/cci/quoteDominion Energy https://www.morningstar.com/stocks/xnys/d/quoteIntel https://www.morningstar.com/stocks/xnas/intc/quoteLockheed Martin https://www.morningstar.com/stocks/xnys/lmt/quoteMedtronic https://www.morningstar.com/stocks/xnys/mdt/quotePhilip Morris https://www.morningstar.com/stocks/xnys/pm/quoteProgressive https://www.morningstar.com/stocks/xnys/pgr/quote 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 Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commentaries and analyses on the healthcare sector, with a focus on the pharmaceutical and biotechnology industries. Her most recent work has focused on the outlook for the COVID-19 pandemic, treatments for the disease, and the race for a vaccine. Before joining Morningstar in 2005, Andersen earned her bachelor's degree in biochemistry from Rice University and received her Master of Business Administration from Rice's Jones Graduate School of Business. She is a CFA charterholder.BackgroundKaren Andersen's healthcare commentaries and analysesVirus Containment and Diagnostics"COVID World Map: Tracking the Global Outbreak," The New York Times, Sept. 15, 2020. "Relaxing the Lockdown: Move Slowly, Stay Nimble," by Karen Andersen, Morningstar.com, May 12, 2020.“Slow Burn Likely Until Coronavirus Vaccines Are Widely Available," by Karen Andersen, Morningstar.com, Sept. 1, 2020."Patients Are Waiting Weeks for COVID-19 Test Results. Here's Why That's a Huge Problem," by Jamie Ducharme, Time, July 22, 2020. Contact tracing definition "Treatments for COVID-19," Harvard Health Publishing, Aug. 24, 2020. Vaccine Development and Approval"Vaccine Testing and the Approval Process," Centers for Disease Control and Prevention. "The Drug Development Process," U.S. Food and Drug Administration. "Draft Landscape of COVID-19 Candidate Vaccines," World Health Organization, Sept. 9, 2020."Potential Antiviral Drugs Under Evaluation for the Treatment of COVID-19," National Institutes of Health, Aug. 27, 2020. "A Coronavirus Vaccine, or Three, Could Be Available by Year-End," by Karen Andersen, Morningstar.com, Sept. 4, 2020."Morningstar's Guide to the Development of a Coronavirus Vaccine," by Carole Hodorowicz, July 16, 2020. "Coronavirus Vaccine Progress Accelerates," by Karen Andersen and Debbie Wang, Morningstar.com, May 13, 2020.RNA vaccine definition"Pfizer, BioNTech COVID-19 Vaccines Fast Tracked by FDA," by Anna Baran, Morningstar.com, July 13, 2020. "All Eyes on BioNTech's COVID-19 Vaccine," by Anna Baran, Morningstar.com, June 26, 2020. "AstraZeneca's Pause on Vaccine Raises Uncertainty," by Damien Conover, Morningstar.com, Sept. 9, 2020. Herd immunity definition "What if 'Herd Immunity' Is Closer Than Scientists Thought?" by Apoorva Mandavilli, The New York Times, Aug. 31, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.