The Long View

Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science.BackgroundSteve Vernon bioStanford Center on LongevitySteve Vernon booksForbes columnThe Role of Work"The Question Many Pre-Retirees and Retirees Will Need to Answer," by Steve Vernon, Forbes, Aug. 25, 2020."Redesigning Retirement and Human Resource Programs to Support Longer Lives," by Steve Vernon, Stanford Center on Longevity, third-quarter 2019."How To Find Work (After Retirement)," by Steve Vernon, CBSNews.com, March 27, 2013."Good News for Older Workers Seeking New Careers," by Steve Vernon, CBSNews.com, April 27, 2015. Encore career definitionSocial Security Program Health"The 2020 OASDI Trustees Report," Social Security Administration, April 22, 2020."No, You Won't Lose All of Your Social "Security Benefits," by Steve Vernon, Forbes, April 22, 2020.Social Security Claiming Strategies"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020."Does Delaying Social Security Really Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020."When to Take Social Security: The Complete Guide," by Amy Fontinelle, Investopedia.com, Nov. 24, 2019. "Introducing the Social Security Claiming Decision," by Wade Pfau, Retirement Researcher."How the Retirement Estimator Works," Social Security Administration.Open Social Security "How to Calculate the Break-Even Age for Taking Social Security," by Ken Moraif, Kiplinger, April 7, 2020. Retiree Investment Portfolio/Holistic Retirement Income Planning "A Portfolio Approach to Retirement Income Security," by Steve Vernon, Stanford Center on Longevity, July 2015."How Much Should Older Workers and Retirees Invest in the Stock Market?" by Steve Vernon, Forbes, March 3, 2020. "Here's a Foolproof Way To Create Retirement Income for the Rest of Your Life," by Darla Mercado, CNBC.com, June 26, 2020."Stanford Analyzed 292 Retirement Strategies to Determine the Best One--Here's How It Works," by Kathleen Elkins, CNBC.com, Aug. 6, 2019.Housing"Don't Make This Costly Retirement Planning Mistake," by Steve Vernon, Forbes, June 11, 2020."Planning Your Retirement: 10 Ways to Reduce Housing Costs," by Steve Vernon, CBSNews.com, Sept. 4, 2013."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.Longevity/Mitigating Longevity Risk"Rich People Don't Just Live Longer. They Also Get More Healthy Years," by Heather Murphy, The New York Times, Jan. 16, 2020.“The Risk of Outliving Your Assets Is Real And Defending Against It Is No Small Task," by Martin Pelletier, Financial Post, June 17, 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 Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Navy.BackgroundJim Dahle bio The White Coat Investor Jim Dahle books WCI podcastPhysician FinancesThe Student Doctor NetworkSermo “Physician Debt and Net Worth Report 2016,” Medscape.com, April 20, 2016. “The Physician Net Worth Rule Part 2,” by Jim Dahle, whitecoatinvestor.com, Nov. 10, 2011. “The Right Way to Use Debt in Medical School,” by Jim Dahle, whitecoatinvestor.com, Aug. 24, 2020. “Financial Burdens and Physician Burnout,” by Jimmy Turner (The Physician Philosopher), Thephysicianphilospher.com, Nov. 13, 2019. “7 Ways to Reduce Medical School Debt,” by Ken Budd, aamc.org, Oct. 9, 2018. “5 Financial Planning Tips Every Young Physician Should Know,” by Michael Winters, ama.org, May 10, 2016.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley and William D. Danko, Amazon.com, Nov. 16, 2010.Finding a Financial Advisor“How to Find a Good Financial Advisor at a Fair Price,” by Jim Dahle, whitecoatinvestor.com, March 8, 2019.“The Perfect Financial Advisor,” by Jim Dahle, whitecoatinvestor.com, May 18, 2015.“How to Tell a Good Financial Advisor From the Rest,” by Jimmy Turner (The Physician Philosopher), whitecoatinvestor.com, Aug. 10, 2019.“What you Need to Know About Financial Advisers,” by Jim Dahle, whitecoatinvestor.com. Asset Allocation and Portfolio Management“150 Portfolios Better Than Yours,” by Jim Dahle, whitecoatinvestor.com, Jan. 21, 2020.“Rules for Asset Allocation Implementation,” by Jim Dahle, whitecoatinvestor.com, Oct. 28, 2019.Bogleheads“Three-Fund Portfolio,” Bogleheads.org. The Bogleheads’ Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors With Less Risk, by Taylor Larimore, July 3, 2018. “Review of Bogleheads Guide to the Three Fund Portfolio,” by Jim Dahle, whitecoatinvestor.com, Aug. 3, 2018.“Top 10 Things Bogleheads Get Wrong,” by Jim Dahle, whitecoatinvestor.com, June 19, 2020.Retirement Planning“Investing in Retirement,” by Jim Dahle, whitecoatinvestor.com, July 21, 2015.The Bogleheads’ Guide to Retirement Planning, by Taylor Larimore, Mel Lindauer, Laura F. Dogu, and Richard A. Ferri, Feb. 22, 2011. “Cracking the Nest Egg--Decumulation Strategies in Retirement,” by Jim Dahle, whitecoatinvestor.com, May 30, 2014.Healthcare“Long Term Care Insurance,” by Jim Dahle, whitecoatinvestor.com, Sept. 6, 2013.“The Best Ways To Use an HSA,” by Jim Dahle, whitecoatinvestor.com, Dec. 10, 2019.“7 Reasons an HSA Should be Your Favorite Investing Account,” by Jim Dahle, whitecoatinvestor.com, Jan. 18, 2019.“The Four Keys to Health Care Reform,” by Jim Dahle, whitecoatinvestor.com, Sept. 28, 2018. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.Bio and BackgroundSteve Romick and FPA team bios FPA Crescent Morningstar “Quicktake” reportFPA Crescent home page FPA Crescent Q2 2020 commentary FPA Crescent historical asset allocation FPA Crescent historical performance attribution ReferencesBerkshire Hathaway letter from the chairman; 1996 “Active Share” High-yield spreads 10-year breakeven inflation rates 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 retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published Ed Slott's Retirement Decisions Guide: 2020 Edition and Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s. PBS viewers may know Ed from his frequent appearances on public television. He also hosts the popular website irahelp.com, where The Slott Report blog regularly dispenses wisdom about retirement, tax, and estate planning. He provides a monthly Q&A column to AARP and is also a contributing columnist and media resource to Financial Planning, Financial Advisor, and InvestmentNews magazines. Ed is a certified public accountant.BackgroundEd Slott bio The Slott Report blog Books by Ed Slott Ed Slott AARP articles Ed Slott InvestmentNews articles Ed Slott Financial Planning articlesIRAs and ConversionsTax-deferred definition A Comprehensive Guide to Tax Treatment of Roth IRA Distributions Roth IRA Conversion Rules “New Tax Law Provides the Opportunity for Tax-Rate Arbitrage on Roth IRAs,” by Ed Slott, InvestmentNews, Feb. 15, 2018. “Seize the Opportunity to Convert to Roths,” by Christine Benz and Ed Slott, Morningstar.com, April 1, 2020. “Rothification?” by Sarah Brenner, Irahelp.com, Oct. 16, 2017. Backdoor Roth IRA definition“The Definitive Guide to the Back-Door Roth,” by Jeffrey Levine, Irahelp.com, Aug. 12, 2015. “Backdoor Roth IRA Conversions Alive and Well,” by Christine Benz and Ed Slott, Morningstar.com, Aug. 14, 2018. “Am I Too Old for an IRA Conversion?” by Christine Benz and Ed Slott, Aug. 21, 2018. “When IRA Conversions Don’t Add Up,” by Christine Benz, Morningstar.com, June 1, 2020. Required Minimum DistributionsRequired minimum distribution definition“The CARES Act and 2020 RMDs,” by Ian Berger, Irahelp.com, Aug. 6, 2020. “The 411 on RMDs for 2020,” by Christine Benz, Morningstar.com, April 22, 2020. “SECURE Act Targets Minimum Distribution Rules,” by Natalie Choate, Morningstar.com, Jan. 8, 2020. Charitable Giving“QCDs: Still Available in 2020 and Still a Good Strategy,” by Sarah Brenner, irahelp.com, April 20, 2020. “How Charitable Giving Is Changing in 2020,” by Christine Benz, Morningstar.com, April 20, 2020. "Morningstar’s Guide to Donor-Advised Funds," Morningstar.com, Nov. 20, 2018. Modified adjusted gross income (MAGI) definition Estate Planning“Did the SECURE Act Kill the Stretch IRA?” by Ed Slott, AARP.com, Feb. 27, 2020. “10 Things to Know about the SECURE Act’s 10-Year Rule,” by Sarah Brenner, IRAhelp.com, Feb. 26, 2020. Step-up in Basis definition Stretch IRA definition 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 Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than two decades ago and has been at Capital Group since 2016. Before joining Capital Group, Atluri was a bond portfolio manager at Fidelity Investments, where he also worked as a fixed-income strategist and credit analyst. He began his career as a management consultant at McKinsey & Company. Atluri earned his bachelor's degree from the University of Chicago and his Master of Business Administration from Harvard Business School, and he is a CFA charterholder.BackgroundPramod Atluri bioAmerican Funds Bond Fund of America American Funds Income Fund of AmericaAmerican Funds American Balanced Commentary"Four Actions to Take in Bond Portfolios," by Pramod Atluri, Mike Gitlin, and Karl Zeile, Capital Group, June 17, 2020. "Answers to Your 5 Biggest Fed Rate Cut and Bond Questions," by Mike Gitlin and Pramod Atluri, Capital Group, March 17, 2020. "Fixed-Income Outlook: Meet Uncertainty With Balance," by Pramod Atluri, Mike Gitlin, and Margaret Steinbach, Capital Group, Dec. 11, 2019. Fund ManagementThe Capital System"Capital Group: Multimanager System the 'Best of Both Worlds'," by Alec Lucas and Brad Vogt, Morningstar.com, June 16, 2018. 2020 Market TurbulenceNonbank financial companies"Enormous De-Leveraging in Bond Market Smacks of Margin Calls," by Stephen Spratt, Bloomberg.com, March 19, 2020. "Treasury Bonds Sold Off as the Dow Sank Into a Bear Market. That's Not Supposed to Happen," by Alexandra Skaggs, Barron's, March 11, 2020. Role of Bonds in a Portfolio"Why Fixed Income: 4 Roles Your Bond Portfolio Should Play," by Kelly Campbell and Mike Gitlin, Capital Group, February 2019. "U.S. Fund Flows in June Cap a Wild First Half of 2020," by Tony Thomas and Nick Watson, Morningstar.com, July 17, 2020. "How the Great Inflation of the 1970s Happened," by Leslie Kramer, Investopedia, April 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 this week is Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also author of the widely influential investment book, "A Random Walk Down Wall Street." He's also the Chief Investment Officer at Wealthfront. He's a longtime professor in economics at Princeton, where he was also chairman of the economics department. Before that, he was the dean of the Yale School of Management, and William S. Beinecke Professor of Management Studies there from 1981 through 1988. Dr. Malkiel has served on boards of directors of several firms, including the Vanguard Group and on the investment committees of Active Investment Advisors, and the American Philosophical Society. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co. He holds a BA and MBA degrees from Harvard and a PhD from Princeton University.Bio and BackgroundDr. Malkiel's bio Malkiel. B.G. 2020. “A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing” (Twelfth Edition).” (New York: W.W. Norton & Co.).Dr. Malkiel’s WealthFront blog Retirement IncomeThe 4% spending rule 10-year Treasury yieldAsset AllocationRiquier, A. 2020. "Investing legend Burton Malkiel on day-trading millennials, the end of the 60/40 portfolio and more.” MarketWatch. July 15, 2020.Wealthfront portfolio construction methodologyMalkiel, B.G. 2015. “How Much Should We Invest in Emerging Markets?” WealthFront blog; April 14, 2015.Equity ValuationCyclically adjusted price/earnings ratio Malkiel, B.G. 2020. “It’s a Good Time to Stock Up.” The Wall Street Journal; April 7, 2020. Finke, M. 2020. "The Remarkable Accuracy of CAPE as a Predictor of Returns.” Advisor Perspectives. July 20, 2020Equity risk premium data; Damodaran OnlineGlobal CAPE ratio data; Star CapitalActive/PassiveMorningstar Active/Passive Barometer Rekenthaler, J. 2018. "The Paradox of Skill.” Morningstar. Dec. 17, 2018.Factor InvestingGoldman Sachs ActiveBeta US Large-cap EquityVanguard US Multifactor ETFRisk ParityWealthFront Risk Parity ESGKinder Morgan; Morningstar analysisKinder Morgan; Sustainalytics analysis Facebook; Morningstar analysis Facebook; Sustainalytics analysis 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 Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member of the firm's board of directors. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.BackgroundBen Inker bio Ben Inker articles GMO’s Research Library GMO Global Asset AllocationAsset AllocationGMO 7-Year Asset-Class Return Forecast, 2Q 2020 “Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020. “Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 2020. Mean reversion definition, Investopedia.GMO Mean Reversion Strategy “GMO’s Mean Reversion Strategy Is Tested in Today’s Market,” by Bailey McCann, Institutional Investor, July 25, 2016. “60/40 Portfolios Face Double Trouble Ahead,” by Rick Friedman, GMO Insights, Feb. 26, 2020. ESG InvestingGMO’s ESG Capabilities “Climbing the ESG Learning Curve: Lessons Learned in Emerging Markets,” by Amit Bhartia, Binu George, and Hardik Shah,” GMO Insights, Nov. 4, 2019. “ESG Managers Say Pandemic Is a Stress Test That Proves Their Point,” by Alastair Marsh, Bloomberg.com, April 9, 2020. Emerging Markets“Emerging Markets: Tamed Child O’ Mine,” by Amit Bhartia, Mehak Dua, and Alvaro Pascual, GMO White Papers, July 7, 2020. “COVID-19: Risk and Resilience in Emerging Markets,” by Amit Bhartia, Tiger Tong, and Uday Tharar, GMO White Papers, April 16, 2020. “GMO: 5 Reasons to Own Emerging Market Stocks Now,” by Bernice Napach, ThinkAdvisor, July 13, 2020. “Emerging Markets Value: A Rare Ray of Sunshine from GMO’s Strategists,” by David Snowball, Mutual Fund Observer, Dec. 1, 2018. Value Investing"The Trouble with Value," by Ben Inker. “Risk and Premium: A Tale of Value,” by John Pease, GMO White Papers, July 30, 2019.“During the Coronavirus Crisis, Does Value Investing Still Make Sense?” by Robin Wigglesworth, Financial Times, May 14, 2020. "GMO Is Feeling Pain Reminiscent of the Late 1990s,” by Christine Idzelis, Institutional Investor, Oct. 10, 2019. Portfolio Construction and Strategy"How to Lose Your Job in Asset Allocation," by Jeremy Grantham and Ben Inker. GMO Benchmark-Free Allocation FundGMO Alternative Allocation Fund GMO’s Systematic Global Macro Strategy 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 Jerome Clark. He is the portfolio manager of the asset-allocation target-date strategies and oversees the college savings plan portfolios in T. Rowe Price's multi-asset division. He's also a member of the firm's asset-allocation committee and serves on the multi-asset steering committee. Clark joined T. Rowe's fixed-income division in 1992 as a portfolio manager of the firm's U.S. Treasury Long Term Bond strategy. He began managing multi-asset portfolios in 2001. Before joining T. Rowe Price, Clark was a captain in the United States Marine Corps and a mathematics instructor at the U.S. Naval Academy. He earned his bachelor's degree in mathematics from the U.S. Naval Academy, his master's in operations research from the Naval Postgraduate School, and his Master of Business Administration from Johns Hopkins University. Clark is also a CFA charterholder. For his accomplishments during his tenure, Morningstar analysts recently named Clark the winner of the Outstanding Manager Award at the 2020 Morningstar Awards for Investing Excellence. He's slated to step down from his current role in early 2021.BackgroundJerome Clark bio "Winners of the 2020 Morningstar Awards for Investing Excellence," by Sarah Bush, June 22, 2020. "Meet the U.S. Winners of Our Awards for Investing Excellence," by Christine Benz and Sarah Bush, Morningstar.com, June 22, 2020. "Pioneer of Target-Date Funds Looks to the Future: Hedging and 'Tail-Risk' Strategies," by Howard Gold, MarketWatch, July 16, 2020. Target-Date FundsTarget-date fund Liability matching Pension Protection Act of 2006"The Pension Protection Act's Impact on Defined-Contribution Plans," T. Rowe Price, May 2016. "Success Story: Target-Date Fund Investors," by Jeffrey Ptak, Morningstar.com, Feb. 19, 2018. "Mind the Gap 2019," by Russel Kinnel, Morningstar.com, Aug. 15, 2019. "Brigitte Madrian: 'Inertia Can Actually Be a Helpful Thing'," Morningstar.com, April 22, 2020. Glide Paths/Asset AllocationT. Rowe Price Target-Date Glide-Path Design "Beyond Averages: A More Robust Approach to Glide-Path Design," by Lorie Latham, Zachary Rayfield, and Kathryn Farrell, T. Rowe Price, Jan. 16, 2020. "Enhancing the T. Rowe Price Glide Paths," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, February 2020. Retirement Decumulation Sequence risk "The Art and Science of Developing Retirement Income Strategies," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, 2019. Qualified default investment alternative (QDIA)Monte Carlo simulation 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 retirement expert Jamie Hopkins, who is managing director of Carson Coaching and the director of retirement research at wealth management firm Carson Group. He's also a finance professor of practice at Creighton University's Heider College of Business. Hopkins wrote the book Rewirement: Rewiring the Way You Think About Retirement!, and he's a regular contributor to Forbes, InvestmentNews, and MarketWatch. Prior to joining Carson Group, he was with The American College of Financial Services, most recently serving as director of retirement research. He received his bachelor's degree from Davidson College, his law degree from Villanova University, and his Master of Laws from Temple University. He's also a certified financial planner, a chartered financial consultant and a chartered life underwriter. Hopkins cohosts a podcast that launched earlier this year. It's called Framework.Disclosure: CWM, LLC, an affiliate of Carson Group, licenses and/or offers products and services of Morningstar and its affiliates.BackgroundJamie Hopkins bio Jamie Hopkins' Forbes articles Jamie Hopkins' InvestmentNews articles Framework With Jamie Hopkins podcast Rewirement: Rewiring the Way You Think About RetirementThe American College of Financial Services Behavioral Coaching"How the Human-to-Human Connection Helps Facilitate Positive Behavior Change," by Derek Tharp, Kitces.com, Aug. 16, 2017. "Using Behavioral Finance Principles to Behaviorally Coach Clients to Make Better Decisions," by Jay Mooreland, Kitces.com, May 13, 2020. Your Mental Wealth, Klontz Consulting GroupShlomo Benartzi bio Save More Tomorrow "Help Clients Overcome These 3 Common Emotional Biases," by Jamie Hopkins, InvestmentNews, June 3, 2020. "The Neuroscience of Decision-Making Explained in 30 Seconds," by Christian Jarrett, Wired, March 18, 2014. "The Social Security Mistake Risk-Averse Folks Make," by Jamie Hopkins, Kiplinger's, July 9, 2019. The Pandemic's Effects on Retirement Planning and Older Workers"Jonathan Guyton: What the Crisis Means for Retirement Planning," by Christine Benz, Jeff Ptak, and Jonathan Guyton, Morningstar.com, June 16, 2020. Paychecks and Playchecks: Retirement Solutions for Life, by Tom Hegna, 2011. "4 Reasons to Work Longer," by Rebecca Koenig, U.S. News & World Report, June 1, 2018. "Working Longer and Other Ways to Optimize Retirement Income," T. Rowe Price. "The Pandemic Paradox for Older Workers," by Richard Eisenberg, NextAvenue.org, May 19, 2020. "A Coronavirus Recovery: How to Ensure Older Workers Fully Participate," by Monique Morrissey, Economic Policy Institute, April 16, 2020. "A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?" by Mark Miller, The New York Times, June 26, 2020. Retirement Portfolio Planning"Cutting Interest Rates Hurts Retirees the Most," by Jamie Hopkins, Forbes, Aug. 3, 2019. "7 Ways an Interest Rate Cut From the Fed Can Impact Retirees," by Matthew Goldberg, Bankrate.com, March 15, 2020. "How's Your Bond Fund Holding Up?" by Miriam Sjoblom, Morningstar.com, March 18, 2020. "How Short-Term Bond Funds Went Wrong (Again)," by Miriam Sjoblom, Morningstar.com, July 1, 2020. "4 Ways to Manage Sequence of Returns Risk," by Jamie Hopkins, Forbes, Oct. 30, 2019. "The 4 Percent Rule Is Not Safe in a Low-Yield World," by Michael S. Finke, Wade D. Pfau, and David Blanchett, Journal of Wealth Management, Jan. 15, 2013. "Is the '4% Rule' Broken?" by Christine Benz and Wade Pfau, Morningstar.com, July 10, 2020. "Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 2006. "3 Reasons Annuities Are the Unsung Heroes of Retirement Income Planning," by Jamie Hopkins, Forbes, June 14, 2019. "Can Annuities Become a Bigger Contributor to Retirement Security?" by Martin Neil Baily and Benjamin H. Harris, Brookings, June 2019. "Fixed Index Annuities: Consider the Alternative," by Roger Ibbotson, Zebra Capital Management, January 2018. "3 Advantages of Using Fixed Indexed Annuities in Retirement," by Jamie Hopkins, InvestmentNews, Oct. 23, 2019. "Mitigating the 3 Common Conflicts of AUM Fiduciaries," by Jamie Hopkins, InvestmentNews, Jan. 10, 2020. The CARES Act and Retirement Planning "5 Ways the CARES Act Impacts Retirement Planning," by Jamie Hopkins, Forbes, April 10, 2020. "3 Roth Conversion Traps to Avoid After the SECURE Act," by Jamie Hopkins, Forbes, Jan. 21, 2020. "Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs," by Jamie Hopkins, Forbes, Dec. 18, 2019. "How You Can 'Undo' 2020 Retirement Distributions and RMDs," by Jamie Hopkins, Forbes, May 1, 2020. "Advancing the Study of Using Future-Self Images to Alter Behavior," by Carla Fried, UCLA Anderson Review, Sept. 26, 2018. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Social Security and retirement planning expert Mary Beth Franklin. Mary Beth is president of RetirePro and a contributing editor to InvestmentNews. She's a frequent public speaker and she also has her own podcast, "Retirement Repair Shop." In addition to her deep knowledge about retirement planning, Mary Beth is a virtual encyclopedia on the ins and outs of Social Security, especially beneficial claiming strategies. Her most recent book is Maximizing Social Security Retirement Benefits: Everything You Need to Know to Get the Most Out of Complicated New Claiming Rules. Prior to joining InvestmentNews, Mary Beth was tax editor at Kiplinger’s Personal Finance and a Capitol Hill reporter at United Press International. She has also earned the Certified Financial Planner designation.BackgroundMary Beth Franklin bio Mary Beth Franklin InvestmentNews article archive Mary Beth Franklin on Twitter Mary Beth Franklin Retirement Repair Shop podcast Pandemic Impact on Retirement, Social Security Planning“Rethinking Retirement Amid the COVID-19 Crisis,” by Mary Beth Franklin, InvestmentNews, May 10, 2020. “Americans Remain Confident about Their Retirement Prospects,” by Mary Beth Franklin, InvestmentNews, April 29, 2020. Withdrawing Your Social Security Application, SSA.gov. Suspending Your Retirement Benefits Payments, SSA.gov. “Pandemic Prompts Some to Rethink Social Security Claiming Strategy," by Mary Beth Franklin, InvestmentNews, April 7, 2020. “Escape Hatch for Workers Claiming Social Security Early,” by Mary Beth Franklin, Investment News, April 22, 2020. “Taking Social Security in the Pandemic: What to Know,” by Mark Miller, The New York Times, April 17, 2020. “Social Security Has a Quick Cash Solution,” by Mary Beth Franklin, Investment News, May 19, 2020. “Coronavirus-Related Relief for Retirement Plans and IRAs: Questions and Answers,” IRS.gov. “Few Use CARES Act to Tap Retirement Savings,” by Mary Beth Franklin, InvestmentNews, June 10, 2020. “How to Fund a Social Security Delay,” by Mary Beth Franklin, Investment News, Aug. 11, 2017. “Wade Pfau: The 4% Rule Is No Longer Safe,” by Wade Pfau, Christine Benz, and Jeff Ptak, The Long View podcast, April 29, 2020. “Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, Retirement Researcher.com. “Senior-Housing Communities Face Higher Vacancy Rates Amid Coronavirus,” by Peter Grant, The Wall Street Journal, May 12, 2020. Tax Planning and Retirement“Stimulus Package Has Helpful Provisions for Retireees,” by Mary Beth Franklin, InvestmentNews, April 1, 2020. “RMD Rollover Relief Granted Under CARES Act,” by Jeff Stimpson, Accounting Today, June 23, 2020. “Now Is the Time to Convert Your Traditional IRA to a Roth,” by Rodney Brooks, U.S. News & World Report, April 3, 2020.Social Security Claiming“Coronavirus Is Closing Social Security Offices: Here’s How to Get Benefit Help,” by Mark Miller, The New York Times, March 17, 2020. My Social Security Social Security Retirement Estimator "Your Retirement Benefit: How It’s Figured," SSA.gov.“Social Security and Survivor Benefits,” by Mary Beth Franklin, InvestmentNews, Feb. 27, 2020. “Social Security Claiming Strategies for Married Couples,” by Mary Beth Franklin, InvestmentNews, Feb. 21, 2020. “Social Security Strategies for Singles,” by Lynnette Khalfani-Cox, AARP.org. “Social Security Surviving Divorced Spouse Benefits,” Benefits.gov. “Social Security Widow(er)’s Insurance Benefits," Benefits.gov. Social Security Financial Health“Social Security Funding Still Set to Run Out in 2035,” by Mary Beth Franklin, InvestmentNews, April 22, 2020. "No, You Won't Lose All of Your Social Security Benefits," by Steve Vernon, Forbes.com, April 22, 2020. The 2020 OASDI Trustees Report 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 personal finance columnist and author Michelle Singletary. Singletary writes the nationally syndicated column "The Color of Money," which appears in The Washington Post, as well as in dozens of other newspapers nationwide. She's also the author of three personal finance books. The most recent was called The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. Singletary is a frequent guest on TV and radio, and she was host of her own national television program, "Singletary Says," on TV One. She is a graduate of the University of Maryland at College Park. She has received the Distinguished Alumni Award from Johns Hopkins University, where she earned a master's degree in business and management.BackgroundMichelle Singletary's bio and Washington Post columns Michelle Singletary's website Michelle Singletary's books Financial Impact of Pandemic"Michelle Singletary Answers Viewer Questions About Pandemic Finances," PBS NewsHour, April 30, 2020. "What Coronavirus Fears Could Mean for Personal Finance," by Audie Cornish and Michelle Singletary, NPR, March 9, 2020. "Didn't Get Your Stimulus Payment? Here's How to Find It," by Michelle Singletary, The Washington Post, June 2, 2020. Get My Payment, IRS.gov. "IRS Stimulus Checks Are Going to Dead People, While Needy Go Without," by Michelle Singletary, The Washington Post, April 21, 2020. "Stimulus Prepaid Debit Card Is Causing a Lot of Confusion," by Michelle Singletary, The Washington Post, June 1, 2020. "No, the IRS Should Not Try to Claw Back $1.4 Billion Sent to Dead People," by Michelle Singletary, The Washington Post, June 26, 2020. "The IRS Just Made It Easier to Take Out a Loan or Withdraw Money From Your Retirement Account," by Michelle Singletary, The Washington Post, June 23, 2020. “Trust Me: You Need to Start Saving Now So You Can Fly Last-Minute to Be There for Someone You Love When the Time Comes," by Michelle Singletary, The Washington Post, Nov. 9, 2019. "Rent, Mortgage, Car Loans, Utilities and Child Support. The Other Bills Can Wait," By Michelle Singletary, The Washington Post, April 4, 2020. Racial Wealth Gap"The Racial Wealth Gap in America," by Michelle Singletary, Alanna McCargo, and Michael Neal, The Washington Post, June 18, 2020. "Coronavirus Could Widen Black Wealth Gap," by Michelle Singletary, The Washington Post, June 13, 2020. "The Black-White Economic Divide Is as Wide as It Was in 1968," by Heather Long and Andrew Van Dam, The Washington Post, June 4, 2020. "75 Must-Know Statistics About Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020. "Income and Wealth Inequality in America: 1949-2016," by Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins, Federal Reserve Bank of Minneapolis, June 14, 2018. "New Data Suggest COVID-19 is Widening Housing Disparities by Race and Income," by Solomon Greene and Alanna McCargo, Urban Institute, June 2, 2020. Diversity in Financial Services"Wall Street Says It Cares About Diversity. But Most Big Banks Won't Share Complete Workforce Data," by Renae Merle and Jena McGregor, The Washington Post, Dec. 6, 2019. "Diversity and Inclusion: Holding America's Large Banks Accountable," U.S. House Committee on Financial Services, February 2020. "Six Charts That Illustrate the Financial Advice Industry's Lack of Diversity," by John Kador, WealthManagement.com, July 19, 2017. "Three Reasons You Don't See People of Color in the Financial Services Industry—and How to Fix It," by Alessandra Malito, MarketWatch, June 23, 2020. Paying for College "Community College Should Be a First Choice, Not a Last Resort," by Michelle Singletary, The Washington Post, July 16, 2019. "The Worst Thing You Can Do for Your College-Bound Teen Is Saddle Them With Student Debt," by Michelle Singletary, The Washington Post, Nov. 16, 2019. "How to Pay for College During a Pandemic," by Michelle Singletary, The Washington Post, May 16, 2020. Budgeting"Here's One Way to Stop Living Paycheck to Paycheck," by Michelle Singletary, The Washington Post, Jan. 13, 2019. "It's Still Crucial to Budget, Even When Your Money Meets Your Needs," by Michelle Singletary, The Washington Post, June 25, 2019. "When Family and Friends in Your Social Network Lack Good Financial Judgment, Do You Butt In or Butt Out?" by Michelle Singletary, Deseret News, Oct. 23, 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 Mary Ellen Stanek. Mary Ellen is managing director and chief investment officer of Baird Advisors, which is the manager of the Baird family of mutual funds. Mary Ellen's career in the investment business began more than four decades ago. In her current role she oversees fixed-income strategy and portfolio management among other duties. In addition, Mary Ellen serves on the board of Baird Financial Group as president of the Baird Funds and as chair of the Baird Diversity Steering Committee. She obtained her undergraduate degree from Marquette University, her MBA from the University of Wisconsin Milwaukee, and she's a CFA charterholder. Mary Ellen was recently named one of the 100 Most Influential Women in U.S. Finance by Barron's, and Morningstar named her a finalist for Outstanding Portfolio Manager for the 2020 Morningstar Awards for Investing Excellence.BioMary Ellen Stanek and team bios Pesce, N.L. 2020. “The 100 Most Influential Women in U.S. Finance” by Nicole Lyn Pesce; Barron’s; April 10, 2020. Heine, G. 2020. “Morningstar Awards for Investing Excellence—Outstanding Portfolio Manager Nominees” Morningstar.com; June 15, 2020.Baird Bond FundsBaird Aggregate Bond Fund Baird Core Intermediate Municipal Bond Fund Baird Core Plus Bond Fund Baird Intermediate Bond Fund Baird Municipal Bond Fund Baird Quality Intermediate Municipal Bond Fund Baird Short-Term Bond Fund Baird Short-Term Municipal Bond Fund Baird Strategic Municipal Bond Fund Baird Ultra Short Bond FundMarket CommentaryBaird Advisors Fixed Income Market Commentary; May 2020 Baird Advisors Municipal Fixed Income Market Commentary; May 2020 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast this week is Jonathan Guyton, principal at Cornerstone Wealth Advisors, a fee-only advisory firm in Minneapolis. In addition to his financial advice practice, Guyton has contributed valuable research in the retirement planning arena. Among his best-known pieces of research are "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?" as well as "Decision Rules and Maximum Initial Withdrawal Rates," which he coauthored with computer scientist William Klinger. He currently serves as a retirement planning columnist for the Journal of Financial Planning, and he's also an expert panelist on retirement for The Wall Street Journal and an online columnist for Time and Money.BackgroundJonathan Guyton bio Cornerstone Wealth AdvisorsCornerstone Wealth Advisors ADV Cornerstone Wealth Advisors' investment approach Jonathan Guyton articles for The Wall Street JournalRetirement Planning Amid the PandemicCornerstone Wealth Advisors' first-quarter commentary "Amid Market Chaos, Strategies for Your Retirement Savings," by Anne Tergesen, The Wall Street Journal, March 7, 2020. Retirement Withdrawal Rates"Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 1, 2006. "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?," by Jonathan T. Guyton, FPA Journal, October 2004. "The Original Retirement Spending Decision Rules," by Wade Pfau, Forbes.com, Nov. 8, 2016. "How Retirees Can Spend Enough, but Not Too Much," by Ron Lieber, The New York Times, Aug. 28, 2009. "Avoid These Mistakes With Discretionary Income in Retirement," by Jonathan T. Guyton, MarketWatch.com, March 15, 2017. "Estimating the True Cost of Retirement," by David Blanchett, Morningstar, Nov. 5, 2013. "Why David Blanchett's Retirement Spending Research Is a Big Deal," by Jonathan Guyton, Journal of Financial Planning, May 1, 2016. Tax Planning"When a Roth IRA Is a Wrong Choice," by Jonathan T. Guyton, The Wall Street Journal, May 12, 2016. "Are IRA Conversions a Good Idea Amid Volatility?" by Christine Benz and Tim Steffen, Morningstar.com, May 12, 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 Jonathan Stein, the founder and chief executive of Betterment. Stein founded Betterment in 2008 as an automated, goals-based investing service, and it's currently the largest of the independent robo-advisors. Betterment offers two main services--Betterment Digital, which is a pure robo-advisor, and Betterment Premium, which offers clients ongoing financial planning guidance from a Certified Financial Planner. Stein began his career consulting with banks and brokerage firms on risk and products. He's a graduate of Harvard University and Columbia Business School and holds the Chartered Financial Analyst designation. BackgroundJonathan Stein bio Betterment.com"Betterment: Jon Stein," How I Built This with Guy Raz, Oct. 26, 2018. "Jonathan Stein Built Betterment to Help Investors Make Better Decisions," by Bruce Rogers, Forbes.com, Jan. 18, 2018.The Coronavirus and Investor Behavior"Thoughts on the Volatile Market," by Jon Stein, Betterment.com, March 19, 2020."COVID-19's Impact on Investor Sentiment," Betterment.com, May 6, 2020."How Betterment's Customers Are Behaving Amid the Volatility," by Caleb Silver, Investopedia.com, April 10, 2020. "Betterment Halted Trade Amid Brexit Panic--Here's Why," by Anora Mahmudova, MarketWatch, July 1, 2016. "Coronavirus Turmoil, Free Trades Draw Newbies Into Stock Market," by Alexander Osipovich and Caitlin McCabe, The Wall Street Journal, April 29, 2020. "Americans Are Hoarding Cash: Savings Rate Hits Its Highest Level Since 1981," by Paul R. La Monica, CNN.com, April 30, 2020. Betterment's Offerings and Investment ProcessBetterment Digital vs. Premium Betterment's Cash Analysis Methodology "Are Robo-Advisors Better Than Target-Date Funds?," by Arielle O'Shea, NerdWallet. Betterment for Business"How Tax Impact Preview Works to Help Avoid Surprises," by Boris Khentov, Betterment.com, Oct. 29, 2014. "ETF Selection for Portfolio Construction: A Methodology," by Adam Grealish, Betterment.com, Aug. 27, 2014. "Value Investing: Research on the Risk and Return," by Adam Grealish, Betterment.com, Oct. 25, 2016.Future of Advice"The Fiduciary Rule Should Be Fully Implemented," by Jon Stein, Betterment.com, June 8, 2017."Will New SEC Regulations Change Anything for Retail Investors?" by Theresa W. Carey, Investopedia.com, June 8, 2019. "The Future of Advice: Jon Stein, Betterment," March 6, 2017. “Betterment Paints It Black in Robo-Retail," by Oisin Breen, RIABiz.com, Aug. 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 Tanja Hester, whom The New York Times referred to as the matriarch of the FIRE movement. For the uninitiated, FIRE stands for financial independence/retire early. Tanja is the author of the Our Next Life blog, and she is also author of the book Work Optional: Retire Early the Non-Penny-Pinching Way. Tanja and her husband Mark retired in 2017 at the ages of 38 and 41. Her blog is devoted to chronicling their journey and sharing guidance for others who might be considering an early retirement.BackgroundTanja Hester’s blog “Our Next Life” Tanja Hester’s bio and backstory Tanja Hester’s twitter handle @ournextlife Tanja Hester’s author/speaker page Tanja Hester’s book, “Work Optional: Retire Early the Non-Penny-Pinching Way”“For These Women, a FIRE That Burns Too Male and Too White” by Charlotte Cowles; The New York Times; June 7, 2019 Early Retirement/Sequence-of-Return Risk Tanja Hester’s writings on sequence-of-return riskKarsten Jaske’s “Early Retirement Now” blog Tanja Hester’s multi-phase retirement financial plan Savings and Withdrawal Rates“You’ve been diligently investing for retirement all these years. Why now is the time to hang onto cash” by Tanja Hester; MarketWatch; March 7, 2020Tanja Hester’s writings on savings rates Tanja Hester’s writings on mortgage pay-off Tanja Hester’s writings on 4% safe-withdrawal rule “The 4% Rule is Not Your Friend” by Tanja Hester; Our Next Life blog; June 10, 2019 Karsten Jaske’s “Safe Withdrawal Rate” series“How We Calculated Our ‘Enough’ Number for Early Retirement” by Tanja Hester; Our Next Life blog; Aug. 23, 2017 “The Best Retirement Withdrawal Strategies” by Darrow Kirkpatrick; Can I Retire Yet blog; March 9, 2016 Healthcare PlanningTanja Hester’s writings on health insurance “Early Retirement Health Care Costs for 2019 and Beyond” by Tanja Hester; Our Next Life blog; Nov. 14, 2018 Tax Planning “The Roth strategy we wish we’d built for early retirement” by Tanja Hester; MarketWatch; Jan. 29, 2020 Home Ownership and Rental PropertiesTanja Hester’s tweet on peace of mind from owning a home mortgage-free“Choosing People Over Money: The Story of Our Rental Property” by Tanja Hester; Our Next Life blog; Aug. 29, 2016 Motivation for Retiring Early“Why the Urgency?” by Tanja Hestery; Our Next Life Blog; April 8, 2015“The Privilege of Retiring When We Want, How We Want” by Tanja Hester; Our Next Life blog; Nov. 7, 2016 “My Other Motivation for Retiring Early” by Tanja Hester; Our Next Life blog; July 23, 2018 “New Life Rhythms, A Delayed Reckoning and Being Okay with Blogging Less” by Tanja Hester; Our Next Life blog; Sept. 16, 2019 Budgeting and Travel-PlanningTanja Hester’s writings on budgeting Tanja Hester’s writings on travel planningLessons Learned“What Everyone Should Know About Early Retirement” by Tanja Hester; Our Next Life blog; Sept. 12, 2018 Social Security, Medicare, and Later-Life Needs “Why We Aren’t Banking on Social Security for Our Retirement--But Why You Might” by Tanja Hester; Our Next Life Blog; Oct. 9, 2017Tanja Hester’s writings on medicare “Don’t Forget About Your Later Years” by Tanja Hester; Our Next Life blog; Aug. 16, 2017 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast is investment consultant and author Charley Ellis. In 1972, Ellis founded Greenwich Associates, an investment consultant to institutional investors, government organizations, and wealthy families. His seminal book about the benefits of passive investing, Winning the Loser's Game, is in its seventh edition. Ellis has also authored or coauthored books about investment policy and strategy, the retirement system in the United States, and large investment firms, including Goldman Sachs and Capital Group. He has taught investment management courses at the Yale School of Management and Harvard Business School and was the successor trustee of Yale University, where he chaired the university's investment committee with David Swensen. He also served on the board of directors at The Vanguard Group. Ellis was awarded the Graham & Dodd Award of Excellence from the Financial Analysts Journal and is one of only 12 people recognized by the CFA Institute for lifetime contributions to the investment profession. He received his undergraduate degree from Yale College, his Master of Business Administration from Harvard Business School, and his doctorate in financial economics at New York University.BackgroundCharley Ellis bioCharley Ellis books "The Loser's Game," by Charles D. Ellis, Financial Analysts Journal, July/August 1975. "Words From the Wise: Charley Ellis on Challenges Facing Investors," by Antti Ilmanen and Rodney N. Sullivan, AQR Insights, June 5, 2015. Passive vs. Active Management"How to Decide Where to Hire Active Managers," by Alex Bryan, Morningstar.com, April 8, 2020.Regulation Fair Disclosure (Reg FD) Jim Simons bio "Index Funds Aren't Too Big, but Asset Managers Might Be," by John Rekenthaler, Morningstar.com, Jan. 17, 2020. "The Secret History of Index Mutual Funds," by Stephen Mihm, InvestmentNews, Sept. 6, 2016. ESG Investing"David Blood and Al Gore Want to Reach the Next Generation," by Imogen Rose-Smith, Institutional Investor, Sept. 8, 2015. "The ESG Fund Universe Is Rapidly Expanding," by Jon Hale, Morningstar.com, March 19, 2020. Private Equity"Vanguard Moves into Private Equity with HarbourVest Partnership," by Chris Flood, Robin Wigglesworth, and Richard Henderson, Financial Times, Feb. 5, 2020. "The Cons (and Pros) of Vanguard's Decision to Offer Private Equity," by John Rekenthaler, Morningstar.com, Feb. 25, 2020. "Fran Kinniry: Applying the Vanguard Approach to Private Equity," by Christine Benz and Jeffrey Ptak, Morningstar's The Long View podcast, April 1, 2020. "SEC Looking to Open Private Markets to a Wider Audience,” by Hazel Bradford, Pensions & Investments, Oct. 28, 2019. David Swensen/Yale EndowmentDavid Swensen bio David Swensen books Yale University Endowment Yale's Strategy 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 Rick Rieder. Rieder is BlackRock's global chief investment officer of fixed income, and co-head of BlackRock's global fixed-income platform. In addition, Rieder serves as a member of BlackRock's global operating committee and is chairman of the BlackRock firm-wide Investment Council. As part of his responsibilities Rieder manages several prominent BlackRock strategies, including BlackRock Global Allocation, BlackRock Total Return, and BlackRock Strategic Income Opportunities. He's currently a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets. Before joining BlackRock in 2009, Rieder was president and CEO of R3 Capital Partners, and prior to that did a stint at Lehman Brothers. Rieder earned his Bachelor's degree in finance from Emory University and his MBA from the Wharton School of Business.BackgroundRick Rieder’s bioRick Rieder’s twitter account @rickrieder BlackRock Total Return Fund BlackRock Global Allocation FundBlackRock Strategic Income Opportunities FundMacro and Outlook BlackRock’s 2020 Global Outlook“Eight Key Investment Themes for 2020” by Rick Rieder, Russell Brownback, and Trevor Slaven; January 2020“How Large is the Coronavirus Macro Shock?” by Elga Bartsch, Jean Boivin, and Philipp Hildebrand; April 7, 2020BlackRock Global Allocation Fund Monthly Commentary; April 2020BlackRock Global Allocation Fund Special Commentary; April 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 is Carl Richards, who specializes in conveying sophisticated financial concepts in an easy-to-understand way--specifically, using a Sharpie. Carl is a Certified Financial Planner™ and creator of the Sketch Guy column in The New York Times. He’s also author of two books, The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things with Money. In addition, he hosts the “Behavior Gap Radio” podcast and also co-hosts a podcast with financial-planning guru Michael Kitces called “Kitces and Carl.”BackgroundCarl Richards bioCarl Richards' booksCarl Richards articlesCarl Richards “Sketch Guy” column in The New York Times Behavior Gap Radio podcastKitces and Carl podcast“12 Simple Sketches That Perfectly Illustrate the Path to Wealth and Financial Happiness,” by Libby Kane and Libertina Brandt, Business Insider, July 22, 2019.The Behavior Gap“The Behavior Gap,” by Carl Richards. Medium.com. Oct. 18, 2018.“To Avoid the Biggest Investing Mistake, Stay Strong,” by Carl Richards, The New York Times, March 26, 2013.“Yes, Numbers Matter in Financial Decisions, but So Do Emotions,” by Carl Richards, The New York Times, May 8, 2017.Articulating and Achieving Goals“Goals As Guesses,” by Carl Richards, YouTube, Jan. 16, 2018. “The Magic of a Single Micro-Action,” by Carl Richards, The New York Times, Nov. 6, 2017. “A Simple Formula for Making Dreams Come True,” by Carl Richards, Medium.com, June 28, 2018.“Hal Gregersen Interview: Asking the Right Questions,” YouTube.com, April 8, 2018. Questions Are the Answer: A Breakthrough Approach to Your Most Vexing Problems at Work and in Life, by Hal Gregersen, Harper Business, 2018. The Dan Sullivan Question, by Dan Sullivan, The Strategic Coach, 2009. “Your Future Should Be Bigger Than Your Past. Here’s How to Do It,” by Carl Richards, The New York Times, Sept. 14, 2018. “The First (and Last) Step to Financial Satisfaction? Defining ‘Enough’,” by Carl Richards, The New York Times, May 1, 2017.“Setting Aside Shame and Blame in Financial Decisions,” by Carl Richards, The New York Times, Sept. 8, 2015.“How to Talk About Money,” by Carl Richards, The New York Times, Dec. 18, 2018.“Look Inward to Determine Your Financial Values,” by Carl Richards, The New York Times, April 20, 2015. “Where Does the Time Go? You Can Find Out, If You Dare,” by Carl Richards, The New York Times, July 5, 2017.“Seeking More Fun? Examine the Returns on Your Time Investments,” by Carl Richards, The New York Times, July 10, 2017. When Things Fall Apart: Heart Advice for Difficult Times, by Pema Chodron, Shambhala, 2016.“We Are All Normal,” Meir Statman, Morningstar The Long View podcast, Oct. 30, 2019. Finance for Normal People, by Meir Statman, Oxford University Press, 2019.Thinking Fast and Slow, by Daniel Kahneman, FSG Adult, 2013. “The Benefits of Getting an Icy Start to the Day,” by Carl Richards, The New York Times, March 14, 2016. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is renowned retirement researcher Moshe Milevsky, who has conducted research on a broad range of topics, including pensions, annuities, investment strategies for people approaching retirement, and asset allocation over the human lifecycle. A prolific writer and researcher, Milevsky is also the author of several books, including Are You a Stock or a Bond?, The 7 Most Important Equations for Your Retirement, and The Calculus of Retirement Income. His recent books include King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past and The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672. He's served as a professor of finance at the Schulich School of Business at York University for the past 25 years. He received his bachelor's degree in physics at Yeshiva University, his master's degree in mathematics and statistics at York University, and his doctorate in finance at York University's Schulich School of Business.BackgroundMoshe Milevsky's home page Milevsky's Twitter account @retirementquantMilevsky's CV Moshe Milevsky Books Are You a Stock or a Bond? The 7 Most Important Equations for Your Retirement The Calculus of Retirement IncomeKing William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its PastThe Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672Human CapitalRoger Ibbotson bio "The U.S. Labor Market During and After the Great Recession: Continuities and Transformations," by Arne Kalleberg. The Russell Sage Foundation Journal of the Social Sciences, Vol. 3, No. 3, April 2017. "No Portfolio is an Island," by David Blanchett and Phillip Straehl, Financial Analysts Journal, Vol. 71, issue 3, May/June 2015. Longevity Risk"Forget Your Real Age: Plan Your Retirement Around Your 'Biological Age'," by Lewis Braham, Barron's, Jan. 27, 2019."Retirement Spending and Biological Age," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury. Journal of Economic Dynamics & Control, September 2017."The Utility Value of Longevity Risk Pooling: Analytic Insights," by Huaxiong Huang and Moshe Milevsky, North American Actuarial Journal, Feb. 8, 2019.The SECURE Act Annuities and Tontines"Valuation and Hedging of the Ruin-Contingent Life Annuity (Rcla)," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury, Journal of Risk and Insurance, Vol. 81, No. 2, May 2014. "Pros and Cons of 2 Key Annuity Types," by Christine Benz and David Blanchett, Morningstar.com, Oct. 18, 2014."Could a Tontine Be Superior to Today's Lifetime Annuity Income Products?" by Michael Kitces, Nerd's Eye View, Feb. 3, 2016."Estimating the True Cost of Retirement," by David Blanchett, Morningstar Investment Management, Nov. 5, 2013.Retirement System and PlanningOlivia Mitchell CV 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 retirement researcher Dr. Wade Pfau. Wade is a professor of retirement income in the Ph.D. in Financial and Retirement Planning program at the American College of Financial Services. He is also co-director of the New York Life Center for Retirement Income. A prolific writer and researcher, Wade has authored papers and books on a wide spectrum of retirement-related topics, including in-retirement withdrawal rates, optimal asset allocations for retirement, and the role of annuities in retirement portfolios. He is a two-time winner of the Journal of Financial Planning's Montgomery-Warschauer Award, a two-time winner of the Academic Thought Leadership Award from the Retirement Income Industry Association, and a best paper award winner in the retirement category from the Academy of Financial Services. His latest book, part of the Retirement Researcher Guide Series, is called Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement. He holds a doctorate in economics and a master's degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a Chartered Financial Analyst.Background Wade Pfau bio Books by Wade PfauWade Pfau blog posts on Retirement Researcher Wade Pfau Forbes columns Wade Pfau blog posts for WSJ’s “The Experts” Wade Pfau on TwitterAsset Allocation in RetirementKitces, M. & Pfau, W. “Reducing Retirement Risk with a Rising Equity Glide Path.” Journal of Financial Planning. Vol. 1. P. 38.Pfau, W. “To Rise or Not To Rise: Stock Allocation During Retirement.” Retirement Researcher. Pfau, W. “4 Ways to Manage Sequence of Returns Risk in Retirement.” Retirement Researcher. Benz, C. 2019. “Cut Stocks Or Add to Them? A Key Dilemma for Your Retirement Plan.” Morningstar.com, July 25, 2019. Blanchett, D., Finke, M., & Pfau, W. 2013. "Asset Valuations and Safe Portfolio Withdrawal Rates." June 28, 2013. Shiller P/E Ratio Withdrawal Rates in RetirementWollman Rusoff, J. 2020. “Wade Pfau: Pandemic Tears Up 4% Rule.” ThinkAdvisor, April 14, 2020. Blanchett, D., Finke, M., & Pfau, W. “The 4 Percent Rule Is Not Safe in a Low-Yield World.” Journal of Financial Planning, Vol. 26, No. 6, P. 46.Pfau, W. 2020. “How Much Can Retirees Spend on March 11, 2020? It May Not Be What You Think.” Forbes.com, March 11, 2020. Pfau, W. “Using Reverse Mortgages in a Responsible Retirement Income Plan.” Retirement Researcher. Pfau, W. 2015. “Improving Retirement Outcomes with Investments, Life Insurance, and Income Annuities.” Forbes.com. May 23, 2015. Finke, M., Pfau, W., & Williams, D. “Spending Flexibility and Safe Withdrawal Rates." Journal of Financial Planning. Pfau, W. 2016. “What Is the 'Floor and Ceiling' Retirement Spending Strategy?” Forbes.com, Oct. 18, 2016. Pfau, W. 2015. "Making Sense Out of Variable Spending Strategies for Retirees.” Journal of Financial Planning, Vol. 10, P. 42.Bengen, W.P. “Conserving Client Portfolios During Retirement, Part IV.” FPA Journal. Guyton, J.T. & Klinger, W.J. “Decision Rules and Maximum Initial Withdrawal Rates.” FPA Journal. Blanchett, D. 2013. “Simple Formulas to Implement Complex Withdrawal Strategies.” Journal of Financial Planning, Vol. 26, No. 9, P. 40.Healthcare and Long-Term CareBlanchett, D. 2013. “Estimating the True Cost of Retirement.” Morningstar.Pfau, W. “What Is Age Banding and What Does It Mean for Retirees?” Retirement Researcher. Pfau, W. 2016. “Two Options for Funding Long-Term Care Expenses.” Forbes.com. Jan. 12, 2016. Finke, M. and Pfau, W. 2017. “Managing Long-Term Care Spending Risks in Retirement.” AnnuityAdvisors.com. AnnuitiesPechter, K. 2019. " 'Safety-First' Income Plans, Per Wade Pfau.” Retirement Income Journal, Oct. 10, 2019. Hopkins, J. 2019. “3 Reasons Annuities Are the Unsung Heroes of Retirement Income Planning.” Forbes.com. June 14, 2019. Pechter, K. 2019. “The Reason for SPIAs, from Pfau and Finke.” Retirement Income Journal, April 25, 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 is Dr. Brigitte Madrian, a leading light in the field of behavioral economics. She is the dean and Marriott Distinguished Professor in the Brigham Young University Marriott School of Business. Dr. Madrian has a joint appointment in the Department of Finance and the George W. Romney Institute of Public Service and Ethics.Household savings and investment behavior have been key focuses of her research, and her work in these areas has influenced the design of 401(k) plans and pension reform legislation. She also uses the lens of behavioral economics to understand health behaviors and improve health outcomes. BackgroundBrigitte Madrian bio and research archiveEmergency Funds/Decision-Making Under Financial DuressIntertemporal choiceBeshears, J., Choi, J.J., Iwry, J.M., John, D.C., Laibson, D., & Madrian, B.C. 2020. “Building Emergency Savings Through Employer-Sponsored Rainy Day Accounts.” Tax Policy and the Economy, Vol. 34, National Bureau of Economic Research. Benartzi, S. 2020. “People Don’t Save Enough for Emergencies, but There Are Ways to Fix That.” The Wall Street Journal, Feb. 17, 2020. Harvey, C.S. 2019. “Unlocking the Potential of Emergency Savings Accounts.” AARP Public Policy Institute, October. Tergesen, A. 2019. “Employers Help Workers Build Household-Emergency Funds.” The Wall Street Journal, June 13, 2019. Pension Rights Center. 2019. “How Many Workers Participate in Workplace Retirement Plans?” July 15, 2019. Eisenberg, R. 2017. "R.I.P. myRA Retirement Account, Gone Too Soon." Forbes.com. July 28, 2017. Mental accounting Retirement SavingsBenz, C., & Levine, J. 2020. “What Does the CARES Act Mean for Retirement Accounts?” Morningstar.com. April 3, 2020. Madrian, B.C., & Shea, D.F. 2000.“The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior.” The National Bureau of Economic Research, May 2000. Finke, M. 2015. “Brigitte Madrian’s Power of Suggestion--and How It Improved Retirement.” ThinkAdvisor, Aug. 31, 2015. Madrian, B.C. 2014. “That Was Easy: The Importance of Auto Features in Promoting Retirement Savings.” AARP Public Policy Institute, October 2014. Rosenberger, J. 2019. “The Woman Behind the Way You Save for Retirement.” Guideline blog, April 4, 2019. Choi, J.J., Laibson, D., & Madrian, B.C. 2007. “$100 Bills on the Sidewalk: Suboptimal Investment in 401(k) Plans.” The National Bureau on Economic Research, December 2007. Choi, J.J., Laibson, D., & Madrian, B.C. 2007. “Mental Accounting in Portfolio Choice: Evidence from a Flypaper Effect.” The National Bureau of Economic Research, September 2007. Choi, J.J., Laibson, D., & Madrian, B.C. 2001. “For Better or For Worse: Default Effects and 401(k) Savings Behavior.” The National Bureau of Economic Research, December 2001. Carroll, G.D., Choi, J.J., Laibson, D., Madrian, B.C., & Metrick A. 2005. “Optimal Defaults and Active Decisions.” The National Bureau of Economic Research, January 2005.Beshears, J., Choi, J.J., Laibson, D., Madrian, B.C., & Skimmyhorn, W.L. 2016. “Does Borrowing Undo Automatic Enrollment’s Effect on Savings?” The National Bureau of Economic Research, August 2016. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Chris Davis. Chris is a portfolio manager at Davis Advisors, where he runs a number of strategies, including the Davis New York Venture, Selected American, and Clipper Funds. Chris joined Davis in 1989 and has more than 28 years' experience in investment management and securities research. Among other accolades, Chris was the recipient of the Morningstar Domestic-Stock Fund Manager of the Year award in 2005. He received his M.A. from the University of St. Andrews in Scotland.BackgroundChris Davis bio Davis Funds website “Davis NY Venture Fund: Special PM Update” by Chris Davis and Danton Goei; March 2020Davis NY Venture Fund: Update from Portfolio Managers Chris Davis and Danton Goei; Annual Review 2020 Davis NY Venture Fund Davis NY Venture Fund portfolio data Working From Home“Management by Wandering Around”; WikipediaBehavioral BiasesBuffett Partnership Letters—Letter to Partners dated Jan. 18, 1965 (pg. 69)Richard Feynman bio; Wikipedia Stocks ReferencedAIGUnited TechnologiesOtis ElevatorsRaytheonCarrierBank of AmericaUS BancorpWells FargoCapital OneBank of New York MellonVisaJPMorganAmerican ExpressBerkshire HathawayApacheEOGDevonUltra PetroleumAlphabetFacebook 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 Dan Fuss. Dan is vice chairman of Loomis Sayles board of directors and is the longtime manager of the firm’s flagship Loomis Sayles Bond Fund LSBDX as well as a number of other strategies. Dan is one of the most experienced bond managers in the industry today; he recently entered his seventh decade in the investment business. He’s also one of the most accomplished bond managers around, racking up an excellent long-term record over his career. In recognition of this, Morningstar named Dan the Outstanding Portfolio Manager at last year’s Morningstar Awards for Investing Excellence. Dan has twice served as president of the CFA Institute’s Boston chapter. He earned a bachelor’s and MBA from Marquette University and served in the United States Navy from 1955 to 1958.Background and ResearchDan Fuss bioMorningstar analysis of Loomis Sayles Bond, March 2, 2020Morningstar’s analysis of Loomis Sayles Strategic Income, March 12, 2020.Morningstar’s analysis of Loomis Sayles Global Allocation, Oct. 16, 2019.Morningstar report for Loomis Sayles Investment Grade Fixed IncomeMorningstar report for Loomis Sayles Fixed Income"Winners of the 2019 Awards for Investing Excellence," by Laura Pavlenko Lutton, Morningstar.com, May 9, 2019. Current Market/Investment OutlookLoomis Sayles Investment Outlook, April 2020.1973-74 Stock Market Crash, Wikipedia.“Dollar Climbs on Safe-Haven Beds, Shrugs Off Horrible U.S. Jobs Number,” by Gertrude Chavez-Dreyfuss, Reuters.com, April 2, 2020. “The Fed Starts a New Program to Provide Dollars to Central Banks and Calm the $5 Trillion Currency Market,” by Ben Winck, Markets Insider, Mar. 31, 2020.“U.S. High Grade Corporate Bond Issuance Sets Weekly Record,” by Kate Duguid and Joshua Franklin, Reuters.com, April 2, 2020.“Long-Term Capital Hedge Fund Crisis,” by Kimberly Amadeo, The Balance.com, Jan. 8, 2020.“Here’s a List of Companies That Have Suspended Their Dividends and Stopped Buying Back Stock,” by Lawrence C. Strauss and Andrew Bary, Barron’s, March 23, 2020.Hyperinflation in the Weimar Republic, Wikipedia. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

(A note to listeners: We recorded this interview before the recent sell-off began, and that is why it's not discussed. We'll address the recent downturn in future installments of The Long View. Please enjoy this episode and thanks again for listening.)Our guest this week is Fran Kinniry. He is a principal in the Vanguard Investment Strategy Group, which develops Vanguard's investment philosophy, methodology, and portfolio construction strategies. Kinniry has been a leading researcher on topics like capital markets, portfolio design, and investment strategy. He was recently tapped by Vanguard to lead the firm's initiative to offer private equity investment management to certain institutional and high-net-worth clients. Before joining Vanguard in 1997, Kinniry was a partner and senior portfolio manager for institutional asset manager Executive Investment Advisors, and before that he was the portfolio manager for H. Katz Capital. Kinniry is a CFA charterholder and earned his Master of Business Administration and bachelor's degree from Drexel University.Background and ResearchFran Kinniry bioHarbourVest"Vanguard and HarbourVest Announce Private Equity Partnership." The Vanguard Group, Feb. 5, 2020."The Role of Private Equity in a Nonprofit Portfolio." The Vanguard Group, Nov. 15, 2019.Vanguard research library"Vanguard Advisor's Alpha," by Donald Bennyhoff and Fran Kinniry, Vanguard Research, July 2018.John C. Bogle: A Look Back at the Life of Vanguard's Founder Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

(A note to listeners: We recorded this interview before the recent sell-off took began, explaining why it’s not discussed. We’ll address the recent downturn in future installments of The Long View. Please enjoy this episode and thanks again for listening.)Our guests this week are Arman Kline and Trevor Magyar of investment management boutique, Ruane, Cunniff & Goldfarb, or RCG for short. Arman and Trevor sit on the five-person investment committee at RCG that oversees management of all client assets, including those held in the Sequoia Fund. This year, the Sequoia fund will celebrate its 50th anniversary as a mutual fund. From its July 15, 1970, inception through Jan. 31, 2020, the fund gained 13.6% per year, topping the S&P 500 index by 240 basis points annually. Arman joined RCG in 2002, following a stint as an equity analyst at Merrill Lynch. He graduated from Colby College. Trevor began at the firm in 2007, following an early career in investment banking, private equity, and hedge funds. He's a graduate of Princeton University and received his MBA from Harvard University.GeneralRuane, Cunniff & Goldfarb (RCG)RCG investment committee and team bios Sequoia Fund 2019 Annual ReportSequoia Fund Q4 2019 Investor Letter Sequoia Fund shareholder communicationsMorningstar analysis of Sequoia Fund; Aug. 8, 2019Sequoia Fund portfolio analyticsStocks ReferencedRolls Royce PLC ADR RYCEY Mastercard MA CarMax KMX Carvana CVNA Wayfair W Amazon.com AMZN Zalando SE ZLDSF Zooplus AG ZLPSF Vivendi SA VIVEF Alphabet GOOGL Berkshire Hathaway BRK.A 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 Dr. Mohamed El-Erian. Dr. El-Erian is Chief Economic Advisor at Allianz, the parent of PIMCO, where he formerly served as chief executive and co-chief investment officer, and President-Elect of Queens’ College, Cambridge University. He first joined PIMCO in 1999 and was a senior member of PIMCO’s portfolio management and investment strategy group. He rejoined the company at the end of 2007 after serving for two years as president and CEO of Harvard Management Company. Before coming to PIMCO, Dr. El-Erian was a managing director at Salomon Smith Barney/Citigroup in London and before that spent 15 years at the International Monetary Fund in Washington, D.C., where he served as Deputy Director. Dr. El-Erian has served on numerous boards and committees, including a stint as Chair of President Obama’s Global Development Council from Dec. 2012 to Jan. 2017. A much sought-after author, columnist, and speaker, Dr. El-Erian has published two best-selling and critically acclaimed books, When Markets Collide and The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse. He also was named to _Foreign Policy _magazine's list of “Top 100 Global Thinkers” four years in a row, among other accolades.Dr. El-Erian holds a master’s degree and doctorate in economics from Oxford University and received his undergraduate degree from Cambridge University.Background• Dr. Mohamed El-Erian bio• Dr. El-Erian’s commentary• Dr. El-Erian’s tv and radio interviews• The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse, by Mohamed El-Erian, January 2016. • When Markets Collide, by Mohamed El-Erian, June 2008. • “The FP Top 100 Global Thinkers," Foreign Policy, Nov. 26, 2012. • Dr. El-Erian’s Twitter handle @elerianm Dr. El-Erian’s Recent Comments on COVID-19• “The Coming Coronavirus Recession: And the Uncharted Territory Beyond," Foreign Affairs, Mar. 17, 2020. • “The Federal Reserve Takes its Crisis Management Game Up Several Notches,” Yahoo Finance, Mar. 17, 2020, • “It Will Get Better But After We Feel Even More Unsettled,” Yahoo Finance, Mar. 13, 2020. • “Six Things Investors Should Remember Amid Extreme Stock Market Volatility,” Yahoo Finance; Mar. 8, 2020. • “El-Erian: We Shouldn’t Bail Out Every Industry Halted by Coronavirus Crisis,” CNBC, Mar. 19, 2020. • “El-Erian: Fed Should Have Been More ‘Laser-Focused’ on Market Failures,” CNBC, Mar. 16, 2020. • “El-Erian on Markets: ‘It’s Getting Less Scary Than It Has Been for a While," CNBC, Mar. 13, 2020. • “El-Erian: U.S. Stock Market Could End Up Dropping 20%-30% Before Bottom Is Finally Reached," CNBC, Mar. 9, 2020.Shownotes (Note: We will add the interview transcript soon.)Introduction• Introducing Dr. El-Erian and bio (0:21)High Level Macro• The market and economic backdrop have changed drastically in what seems like no time. You’ve been prescient in foreseeing some of the impacts. But what has surprised you thus far? (1:48)• We’ve heard you say that financial “sudden stops” are more addressable than economic “sudden stops”. Can you explain the difference between financial/economic “sudden stops," why the latter is harder to deal with, and how that relates to our current situation? (2:58)Policy Response• Public health concerns are trumping economic realities at the moment. For instance, entire states are being told to shelter in place. This is economically devastating. Do you think this is prudent policy without a stimulus package or backstop of some kind? (5:13)• You’ve argued that interest-rate cuts and broad fiscal stimulus shouldn’t be emphasized during this initial phase of the crisis. That we should instead focus on containment and building immunity to COVID-19. That seems surprising considering the scores of those who have been abruptly laid off or seen business dry up. What are they supposed to do without a massive, immediate stimulus? (7:02)• Can we talk about the impacts that you foresee for the private and public sectors and what you view as the correct policy response for addressing each? Let’s take them one by one: (9:29)- The suddenly unemployed- The small business owner- The lender- The airline and hospitality sectors- The state or municipalityCapital Markets• Turning to capital markets, we’ve obviously seen stocks enter a steep sell-off. But the bond market has also broken down. Can you describe for some of our listeners--who might not be as familiar with the inner workings or dynamics of the bond market--what has happened there, why, and what will stem it? (11:29)• The Fed stepped in to backstop money market funds in recent days. Have you seen signs that is succeeding in stabilizing corporate funding markets like the commercial paper market? (15:05)• What will be point of equilibrium at which fiscal and monetary policy relief overtakes fear to stabilize markets and the economy? (16:57)Aftermath• You wrote that one of the lasting consequences of novel coronavirus will be accelerating deglobalizatio

Editor's Note: The following interview with Chuck Bath, comanager of Diamond Hill Large Cap, was recorded on March 4, 2020. As such, it doesn't incorporate recent market volatility, and the manager's views and positions may have changed since the recording.Our guest on the podcast is Chuck Bath, a portfolio manager who has logged a tremendous record over nearly 40 years. Since 2002, Bath has been manager of Diamond Hill Large Cap, a $6 billion fund that earns a Morningstar Analyst Rating of Gold. He is assistant portfolio manager for Bronze-rated Diamond Hill Long-Short.Prior to joining Diamond Hill, he steered Nationwide Fund to outstanding returns during 17 years at the helm. An accountant by training, Bath uses a patient value-oriented approach, seeking out companies with above-average returns on capital that are trading below his estimates of intrinsic value.BackgroundChuck Bath bioDiamond Hill Large Cap DHLAXDiamond Hill Long-Short DIAMX Diamond Hill blog"Diamond Hill: Accounting for Taste," by Lawrence Strauss, Barron's, Dec. 12, 2015. Strategy and Portfolio "Permanent Change Versus Long-Term Fundamentals," by Chuck Bath, March 10, 2020. Diamond Hill Intrinsic Value EstimatorSecurity Analysis, by Benjamin Graham and David Dodd. Warren Buffett on Durable Competitive Advantage, April 21, 2018. "Valuing U.S. Equities: A Historical Perspective," by Chuck Bath, Austin Hawley, and Nate Palmer, as presented at the CFA Institute Financial Analysts Seminar in Chicago, Sept. 26, 2014. International Business MachinesMicrosoftWalmartAmazon.comAbbott LaboratoriesProcter & GambleEastman ChemicalAlphabet"State AGs, Justice Department Discuss Google Antitrust Probe," by Diane Bartz, Reuters, Feb. 4, 2020.ChevronNorfolk SouthernParker HannifinPeter LynchJeffrey VinikJohn NeffRobert SanbornCitigroupCharles Schwab Corp"The Charles Schwab-TD Ameritrade Merger Shocked Wall Street. Why It Had to Happen," by Lisa Beilfuss and Daren Fonda, Barron's, Dec. 16, 2019. Organization/Succession"Diamond Hill Announces Addition of Austin Hawley as Co-Portfolio Manager on Large-Cap Strategy," Dec. 18, 2017. "Channeling His Inner Buffett," by Marla Brill, Financial Advisor, Dec. 2, 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 Lawrence Hamtil. Lawrence is a principal at Fortune Financial Advisors, an independent Registered Investment Advisor firm he co-founded in 2008. He provides financial advice and investment management services to the firm’s high-net-worth clients. Lawrence came to our attention on social media, where he can be found on twitter at @lhamtil. A prolific researcher and excellent writer, Lawrence frequently publishes investments research and commentary on Fortune Financial’s blog. His research has covered a lot of ground, but a few topics have gained him a following, including his work on the role of sectors and industries in explaining stocks returns; the low-volatility phenomenon; sin stocks; equal-weighted portfolios; and more. Lawrence is a graduate of Rockhurst University..Background and InfluencesLawrence Hamtil bio Fortune Financial advisor blog Lawrence Hamtil’s twitter account @lhamtil “Contrarian Investment Ideas” by David Dreman; May 18, 1998 “Common Stocks and Uncommon Profits” by Phil Fisher; Jan. 1, 1960 Value Investing and Inflation“Who Killed Value?” by William Bernstein; Efficient Frontier blog “How Inflation Makes the Value Factor a Sector Bet” by Lawrence Hamtil; Fortune Financial blog; May 14, 2019Equal-Weighting and Inflation“The Inflation Advantage of Equal Weight” by Lawrence Hamtil; Fortune Financial blog; Aug. 28, 2018 Sectors and Industries: Importance to Stock Returns“Hedge Fund Contagion and Liquidity Shocks” by Nicole Boyson, Christof Stahel, and Rene Stulz; Journal of Finance, Volume 55, No. 5. October 2010.Financial Advisor Conflicts“Breaking Down 50 Years of Industry Data” by Lawrence Hamtil; Fortune Financial blog; Jan. 17, 2020 “Is Risk a Function of Sector or Size?” by Lawrence Hamtil; Fortune Financial blog; Jan. 22, 2019 “Is Risk a Function of Sector or Size? Part II” by Lawrence Hamtil; Fortune Financial blog; July 24, 2019 “The Perils of Sector Bias” by Lawrence Hamtil; Fortune Financial blog; Oct. 29, 2018 “The Compelling Case for Mid Cap Stocks” by Lawrence Hamtil; Fortune Financial blog; June 27, 2019 “Compendium of Posts on Investing in Emerging Markets” by Lawrence Hamtil; Fortune Financial blog; Aug. 15, 2019 Low-Volatility Factor“Compendium of Low Volatility Articles” by Lawrence Hamtil; Fortune Financial blog; July 22, 2019 Andrew Miller’s Twitter account @millerak42 Sin Stocks“Casino Stocks and the Missing Sin Premium” by Lawrence Hamtil; Fortune Financial blog; Feb. 18, 2019 “Virtue Is Its Own Reward: Or, One Man’s Ceiling Is Another Man’s Floor” by Cliff Asness; AQR; May 18, 2017 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Nicole Boyson. Boyson is the Patrick F. and Helen C. Walsh Research Professor at Northeastern University's D’Amore-McKim School of Business, where she teaches and conducts research in the areas of investments and corporate finance. Professor Boyson has authored numerous publications and referee journals, with a focus on regulatory arbitrage, hedge fund management, and hedge fund activism. She also recently published a provocative working paper on financial advisor conflicts of interest entitled, "The Worst of Both Worlds? Dual-Registered Investment Advisers." A certified public accountant, Professor Boyson serves on the Editorial Board of the Financial Analysts Journal. She received her bachelor's degree from Kent State University, her MBA from Case Western Reserve University, and her Ph.D. in Finance from Ohio State University. Professor Boyson is active on social media, where she can be found on Twitter at @nikir1.Background and Influences Nicole Boyson’s home page Nicole Boyson’s Twitter profile @nikir1 Josh Brown’s Twitter profile @reformedbroker Wes Gray’s Twitter profile @alphaarchitect Max Schatzow’s Twitter profile @advisercounsel Investment Company Institute (ICI) Fact Books Published Research: Hedge Fund Activism“Corporate Governance and Hedge Fund Activism” by Nicole Boyson and Robert Mooradian; Review of Derivates Research, volume 14, no. 2, 2011 “Activism Mergers” by Nicole Boyson, Nickolay Gantchev, and Anil Shivdasani; Journal of Financial Economics; Oct. 23, 2015 Published Research: Female Hedge Fund Managers“The Performance of Female Hedge Fund Managers” by Rajesh Aggarwal and Nicole Boyson; Review of Financial Economics; Feb. 3, 2016 Published Research: Hedge Funds and Contagion“Hedge Fund Contagion and Liquidity Shocks” by Nicole Boyson, Christof Stahel, and Rene Stulz; Journal of Finance, volume 55, no. 5; October 2010 Financial Advisor ConflictsWorking Paper: “The Worst of Both Worlds? Dual-Registered Investment Advisers” by Nicole Boyson “Report of the Committee on Compensation Practices” dated April 10, 1995SEC Final Rule “Certain Broker-Dealers Deemed Not to Be Investment Advisers”Rick Ferri’s website “Ferri: There are No Average Investors,” The Long View podcast, July 3, 2019SEC Investment Adviser Public Disclosure (IAPD) websiteFinancial Planning Association v. Securities and Exchange CommissionSEC Final Rule: “Regulation Best Interest: The Broker-Dealer Standard of Conduct”SEC Share Class Selection Disclosure Initiative “SEC Share Class Initiative Returning More Than $125 Million to Investors” 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 been called one of the most powerful women in finance. Sallie Krawcheck started her career as an equity analyst at Sanford C. Bernstein, where her reputation for impartial advice and criticism of conflicts of advice in the financial-services sector prompted Fortune magazine to call her the last honest analyst. She later moved to Citigroup, where she served as CEO of the firm's Smith Barney unit, Citi's chief financial officer, and CEO of Citi's, Wealth Management Business. In the latter role, she was an early advocate of a fiduciary standard for the brokerage industry. She went on to Bank of America where she served as president of the firm's wealth management unit. Sallie is currently the CEO and co-founder of Ellevest, a digital financial advisor for women launched in 2016. She is also owner and chair of Ellevate Network, a global network of women committed to promoting gender equality in the workplace. In the spirit of full disclosure, Morningstar Inc. invested in Ellevest in 2015 and 2019, and Morningstar Investment Management LLC, a subsidiary of Morningstar Inc. provides consulting services to Ellevest for their core portfolios. BackgroundSallie Krawcheck bio Ellevest Ellevate Network “In Search of the Last Honest Analyst,” by David Rynecki, Fortune, June 10, 2002. “BofA’s Krawcheck Backs a Fiduciary Standard,” InvestmentNews, April 20, 2010. “When Citi Lost Sallie,” by Geraldine Fabrikant, The New York Times, Nov. 15, 2008. “Sallie Krawcheck Wants to Take Women to the Top of Business,” by Abigail Jones, Newsweek, Dec. 23, 2014. Gender Pay Gap/Lifetime Earnings“The Narrowing, But Persistent, Gender Gap in Pay,” by Nikki Graf, Anna Brown, and Eileen Patten, Pew Research Center, March 20, 2019. “How a Common Interview Question Hurts Women,” by Claire Cain Miller, The New York Times, May 1, 2018. Salary History Bans: A Running List of States and Localities That Have Outlawed Pay History Questions, HRdive.com, 2020.“Unlocking the Full Potential of Women in the U.S. Economy,” McKinsey & Company, 2011. Education and Lifetime Earnings, Social Security Administration. Women and Caregiving, Facts and Figures, Family Caregiver Alliance. “The Trickle-Down Effect of Caregiving on Women,” by Kathleen Fitfield, AARP.org, Nov. 29, 2018. “Older Women Workers and Economic Security,” U.S. Department of Labor Issue Brief. “How to Stand Up for Paid Family Leave,” Ellevest.com, May 14, 2018. “How to Afford Parental Leave and Some Time Off,” by Sallie Krawcheck, Ellevest.com, Oct. 10, 2016. Diversity in the Workplace/Gender Lens InvestingGender lens investing definition “Gender and Diversity Funds: Intentional Or Not?,” by Madison Sargis, Morningstar.com, April 15, 2019."2 Options for Gender-Lens Investing," by Jon Hale, Morningstar.com, March 2, 2017. Pax Ellevate Global Women’s Leadership Fund “Why Diverse Teams Are Smarter,” by David Rock and Heidi Grant, Harvard Business Review, Nov. 4, 2016. “Diverse Teams Feel Less Comfortable—And That’s Why They Perform Better,” by David Rock, Heidi Grant, and Jacqui Gray, Harvard Business Review, Sept. 22, 2016. “New Research: Diversity + Inclusion = Better Decision-Making at Work,” by Erik Larson, Sept. 21, 2017. Women and Investing“Why Women Invest 40 Percent Less Than Men (and How We Can Change It),” by Jean Chatzky, Nbcnews.com, Sept. 25, 2018. “Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad Barber and Terrence Odean, The Quarterly Journal of Economics, February 2001. “What Does It Mean to Invest Intentionally?” by Sallie Krawcheck, Ellevest.com, Nov. 19, 2019. “Women Reach Their Peak Salaries 10 Years Sooner Than Men,” by Patricia Nilsson and Hannah Murphy, Financial Times, Sept. 19, 2018. Benefits Planner/Life Expectancy, Social Security Adminstration. “Do Women Take As Many Risks As Men?,” by Doug Sundheim, Harvard Business Review, Feb. 27, 2013. "Sallie Krawcheck: The Retirement Crisis Is a Gender Crisis, Too," Morningstar.com, July 11, 2015. “For Some Widows, Breaking Up with An Advisor Is Easy to Do,” by Ilana Polyak, Oct. 11, 2014. “Women Put Financial Security at Risk by Deferring Long-Term Financial Decisions to Spouses, UBS Research Reveals,” UBS.com. “What Women Want in a Financial Advisor,” by Kerry Hannon, Forbes.com, May 13, 2018. “Female Fund Manager Performance: What Does Gender Have to Do with It?” by Madison Sargis and Kathryn Wing, Morningstar.com, March 8, 2018. “Fund Managers By Gender: The Global Landscape,” Morningstar. Fiduciary definition “Let’s Demand Better from the Financial Services Industry,” by Sallie Krawcheck, Ellevest.com, Sept. 20, 2019. “How Wall Street Keeps #MeToo Claims Out of the Spotlight,” by Rob Copeland, Liz Hoffman, and Rachel Louise Ensign, The Wall Street Journal, Jan. 19. 2018. “Wall Street Has Been Unscathed by MeToo. Until Now,” by David Gelles, The New York Times, March 16, 2019. “My Best Career Advice ... Isn’t Career Advice,” by Sallie Krawcheck, Ellevest.com, N

Our guest on the podcast is Annamaria Lusardi, an authority on financial literacy and financial education. Lusardi is the Denit Trust Distinguished Scholar and Professor of Economics and Accountancy at the George Washington University School of Business, where she also serves as the academic director of the Global Financial Literacy Excellence Center. Prior to joining George Washington University, she taught at Dartmouth College for 20 years. She has also taught at Princeton University, the University of Chicago Harris School of Public Policy, the University of Chicago Booth School of Business, and Columbia Business School. She received her doctorate from Princeton.BackgroundAnnamaria Lusardi bio Annamaria Lusardi curriculum vitae Annamaria Lusardi publications Financial Literacy"The Economic Importance of Financial Literacy: Theory and Evidence," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Economic Literature, 2014. "A Financial Literacy Test That Works," by Annamaria Lusardi and Olivia S. Mitchell, Forbes, Dec. 14, 2017. The 2019 TIAA Institute-GFLEC Personal Finance Index "Financial Literacy and Wellness Among African-Americans," by Paul J. Yakoboski, Annamaria Lusardi, and Andrea Hasler, Global Financial Literacy Excellence Center. "Financial Literacy and Retirement Planning in the United States," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Pension Economics & Finance, October 2011. “Financial Literacy Around the World: An Overview," by Annamaria Lusardi and Olivia S. Mitchell, Journal of Pension Economics and Finance, October 2011. Implications of Financial Illiteracy"Optimal Financial Knowledge and Wealth Inequality," by Annamaria Lusardi, Pierre-Carl Michaud, and Olivia S. Mitchell, The National Bureau of Economic Research, January 2013. "Financial Literacy and Stock Market Participation," by Maarten van Rooij, Annamaria Lusardi, and Rob Alessie, The National Bureau of Economic Research, October 2007. "National Financial Capability Study," Finra Investor Education Foundation, December 2019. “Financially Fragile Households: Evidence and Implications,” by Annamaria Lusardi, Daniel J. Schneider, and Peter Tufano, The National Bureau of Economic Research, May 2011. "Financial Literacy and Planning: Implications for Retirement Wellbeing," The National Bureau of Economic Research, by Annamaria Lusardi and Olivia S. Mitchell, May 2011. Financial Education"Are States Providing Adequate Financial Literacy Education?" by Matt Kasman, Benjamin Heuberger, and Ross A. Hammond, Brookings, Oct. 3, 2018. "Five Steps to Planning Success. Experimental Evidence From U.S. Households," by Aileen Heinberg, Angela A. Hung, Arie Kapteyn, Annamaria Lusardi, Anya Savikhin Samek, and Joanne Yoong, The National Bureau of Economic Research, June 2014. "John Lynch: Rethinking Financial Education," The Long View podcast, Morningstar.com, Dec. 11, 2019. "Financial Literacy, Financial Education, and Downstream Financial Behaviors," by Daniel Fernandes, John G. Lynch, and Richard G. Netemeyer, Management Science, Jan. 6, 2014. "Ariel Community Academy Students Are Investing on Wall Street by Fourth Grade," by Rodney Brooks, The Undefeated, Oct. 18, 2017. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is tax and retirement planning expert, Jeffrey Levine. Jeff is director of advisor education at Kitces.com, home of the popular Nerd's Eye View blog. He's also the CEO and director of financial planning for BluePrint Wealth Alliance. Previously, Jeff served as chief retirement strategist at Ed Slott and Company. He has authored several books including, The Baby Boomer's Guide to Savvy IRA Planning, The Financial Advisor's Guide to Savvy IRA Planning, and The Definitive Guide to Required Minimum Distributions for Baby Boomers. Jeff is a frequent public speaker and media commentator, and he maintains a high profile on social media and on the Nerd's Eye View blog, where he readily shares tax and retirement planning insights. BackgroundJeffrey Levine bio Kitces.com Blueprint Wealth Alliance Jeffrey Levine on Twitter: @CPAPlannerSECURE Act: Stretch IRASECURE Act text Stretch IRA definition “SECURE Act And Tax Extenders Creates Retirement Planning Opportunities and Challenges,” by Jeffrey Levine, Kitces.com, Dec. 23, 2019. “Navigating the Secure Act: What Retirement Savers Need to Know to Optimize Their 401(k)s and IRAs,” by Reshma Kapadia, Barron’s, Dec. 20, 2019. “New Retirement Law Throws IRA Heirs a Curveball,” by Mark Miller, Morningstar.com, Jan. 21, 2020. “Inheriting a Parent’s IRA or 401(k)? Here’s How the Secure Act Could Create a Disaster,” by Alessandra Malito, MarketWatch, Jan. 9, 2020. “Who Should Consider a Roth Conversion Under the SECURE Act?,” by Liz Weston, MarketWatch, Feb. 1, 2020. “The Stretch IRA Strategy Is Largely Gone. Here Are 5 Alternatives to Consider,” by Cheryl Winokur Munk, Barron’s, Feb. 8, 2020. Charitable trust definition SECURE Act: RMD Age ChangeRequired minimum distribution definition IRA Required Minimum Distribution Worksheet “How Required Minimum Distribution (RMD) Changes Under The SECURE Act Impact Retirement Accounts,” by Jeffrey Levine, Kitces.com, Jan. 8, 2020. “Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs,” by Jamie Hopkins, Forbes.com, Dec. 18, 2019. “Could Later RMDs Lower Your Tax Bill?” by Christine Benz, Morningstar.com, Feb. 3, 2020. “Updated Life Expectancy and Distribution Period Tables Used for Purposes of Determining Minimum Required Distributions,” (proposed rule by the IRS), IRS.gov, Nov. 8, 2019. SECURE Act: Qualified Charitable Distributions“How to Reduce Your Taxes and AGI by Giving to Charity,” by Mark P. Cussen, Investopedia.com, Jan. 16, 2020. “Coordinating QCDs with Post 70 1/2 IRA Contributions Under the SECURE Act,” by Jeffrey Levine, Kitces.com, Jan. 22, 2020. Tax Cuts and Jobs Act of 2017 Adjusted gross income definition SECURE Act: Traditional IRA Contributions After 72“The Kaye Bailey Hutchison Spousal IRA Receives Congressional Agreement,” by Beverly DeVeny, irahelp.com, Aug. 9, 2013. SECURE Act: Open MEPs“Could Multiple-Employer Plans Be a Game Changer for Retirement Security?” by Aron Szapiro, Morningstar.com, Dec. 19, 2019. “Secure Act’s MEP Changes Are a Game Changer for 2020,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Jan. 8, 2020. “The New American Retirement Plan,” by John Rekenthaler, Morningstar.com, Jan. 14, 2020. “Replacing 401(k) Plans: Further Thoughts,” by John Rekenthaler, Morningstar.com, Jan. 21, 2020. SECURE Act: Annuities in Company Retirement Plans"What the SECURE Act Means for Annuities," by Jamie Hopkins, InvestmentNews, Dec. 17, 2019.“Security Act’s 401(k) Annuity Options: The Pros and Cons,” by William H. Byrnes and Robert Bloink, ThinkAdvisor, Jan. 14, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Ben Carlson, the director of institutional asset management at Ritholtz Wealth Management. A prolific and insightful writer, Carlson frequently publishes pieces on investing, personal finance, and other topics on his popular blog, A Wealth of Common Sense. In addition, he co-hosts the Animal Spirits podcast with his colleague Michael Batnick and is active on social media, including Twitter, where he can be found @awealthofcs. A CFA charterholder and graduate of Grand Valley State University, Carlson has authored several books, including A Wealth of Common Sense and Organizational Alpha. In today's episode, we'll be discussing Carlson's most recently published book, Don't Fall for It: A Short History of Financial Scams.BackgroundBen Carlson bio A Wealth of Common Sense blog Michael Batnick bio Animal Spirits podcast Ritholtz Wealth Management Don't Fall for It: A Short History of Financial Scams, by Ben CarlsonScams: Victims and PerpetratorsNigerian prince scam Annals of Gullibility: Why We Get Duped and How to Avoid It, by Stephen Greenspan Charles Ponzi bio Bernie Madoff bio John R. Brinkley bio The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success, by Kevin Dutton"Troubles at Atlanta Hedge Fund Snare Doctors, Football Players" by Ian McDonald and Valerie Bauerlein, The Wall Street Journal, March 9, 2006.William J. Bernstein: "The wealthy are different than you and I: They have many more ways of having their wealth stripped away." The Four Pillars of Investing: Lessons for Building a Winning Portfolio, Chapter 7, Page 179."How Did Spike Lee Convince Michael Jordan to Help Fund His Malcolm X Film?" by Gene Marks, Entrepreneur, Feb. 28, 2019."Johnny Depp Spends $200,000 a Month on a Private Jet and $30,000 on Wine--Here's How Else He Blows His Fortune," by Emmie Martin, CNBC.com, Aug. 31, 2017. Enough: True Measures of Money, Business, and Life, by John C. Bogle"South Sea Bubble Short History," Harvard Business SchoolRailway mania "Fraudster Poses as Jason Statham to Steal Victim's Money," by Andy Bell and Dan Box, BBC News, April 29, 2019. Ulysses S. Grant bio "Lessons From the General," by Michael Batnick, The Irrelevant Investor, Dec. 12, 2017. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Will Danoff. Will runs a number of Fidelity equity strategies, best known of which is Fidelity Contrafund, a mutual fund he has been managing since September 1990. During his nearly three-decade tenure at Contrafund, Will has trounced the market indexes and, even more remarkably, managed to maintain the fund's performance at scale. Indeed, Contrafund was recently home to more than $120 billion in assets and has ranked among the world's largest funds for many years. For his accomplishments, Morningstar named Will its Domestic-Stock Manager of the Year in 2007. Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and for a time as assistant portfolio manager at Fidelity Magellan. He's a graduate of Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. We're thrilled to have him as our guest.BackgroundWill Danoff bioFidelity ContrafundInspirations“Letters”, Fidelity Investments TV commercial Peter Lynch bioMeetings with ManagementNelson Peltz bioIdea GenerationSalesforce Dreamforce conferenceJoel TillinghastFidelity Low-Priced StockCircle of CompetenceMichael O’Leary, Michael Cawley biosPortfolio ConstructionCorporate profit marginsInvesting in Private FirmsSecurities and Exchange Commission’s “Investment Company Liquidity Risk Management Program” Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Jon Hale, Morningstar's head of sustainability research. In that role, he directs our research into the environmental, social, and governance investing practices of mutual funds and exchange-traded funds. An incisive analyst and writer, Hale authors the biweekly "Sustainability Matters" column on Morningstar.com. He's regularly quoted by the media on ESG matters and speaks often on sustainable investing at industry conferences and other events. Prior to assuming his current role, Hale held a number of other leadership positions in Morningstar's research and investment management divisions, most recently serving as head of manager research in North America. Hale, who holds the Chartered Financial Analyst designation, earned his undergraduate degree at the University of Oklahoma and his doctorate at Indiana University. We're pleased to have him as our guest.BackgroundJon Hale bio "Sustainability Matters" columnsHale's "The ESG Advisor" blog Morningstar's Approach to Assessing ESGMorningstar Sustainability Rating methodologySustainalytics Investor Interest and Demand"Sustainable Fund Flows in 2019 Smash Previous Records," by Jon Hale, Morningstar.com, Jan. 10, 2020.Morgan Stanley's "Sustainable Signals" surveyOtherSustainability Accounting Standards Board (SASB)TIAA-CREF Social Choice Bond TSBRX 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 Chris Mamula. Chris blogs on the website, "Can I Retire Yet?" and he has also cowritten a book called Choose FI: Your Blueprint to Financial Independence, which was published in 2019. Chris is loosely part of the FIRE, or Financial Independence Retire Early, movement, but he brings a fresh perspective to the concept. He retired from a career as a physical therapist at age 41. After poor experiences with the financial industry early in his professional life, he educated himself on investing and tax planning. Now he draws on his experience to write about wealth building, do-it-yourself investing, financial planning, early retirement, and lifestyle design.BackgroundCan I Retire Yet?Choose FI: Your Blueprint to Financial Independence, by Chris Mamula, Brad Barrett, and Jonathan Mendonsa. FIRE MovementFIRE Movement"Your Questions about FIRE, Answered," by Steven Kurutz, The New York Times, Sept. 11, 2018. Lifestyle and Personal Considerations "Nearly 2 Years into Early Retirement, Here’s All That I’ve Gotten Wrong," by Chris Mamula, marketwatch.com, Aug. 19, 2019. “A Strong Marriage in Retirement,” by Darrow Kirkpatrick, Can I Retire Yet?, March 19, 2017. "Does Fire Make Life Harder?," by Chris Mamula, Can I Retire Yet?, Dec. 10, 2018. “A Week in the Life of a Fire Household,” by Chris Mamula, Can I Retire Yet?, Sept. 17, 2018. Healthcare Coverage for Early Retirees“Navigating ACA Tax Credits to Purchase Affordable Health Insurance,” by Chris Mamula, Can I Retire Yet?, Nov. 12, 2018. “How to Qualify for Affordable Care Act (‘Obamacare’) Premium Subsidies,” by Mike Piper, Oblivious Investor. “Are Health Care Sharing Ministries a Viable Alternative to Health Insurance for Early Retirement?” by Chris Mamula, Can I Retire Yet?, Nov. 19, 2018. Health care sharing ministry, Wikipedia. “Do You Plan to Retire by 50? Great, But Can You Cover Your Health Care?” by Janna Herron, USA Today, June 4, 2019. Investing and Withdrawal Rates Bogleheads website Jim Collins blog"The Safe Withdrawal Rate Series: A Guide for First-Time Readers," Early Retirement Now. Stock Series, jlcollinsnh.com The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life, by J.L. Collins.“Retirement Saving and the Empty Nest Transition,” by Michael Kitces, kitces.com, May 25, 2016. "The Stages of Financial Independence," by Chris Mamula, Can I Retire Yet?, Sept. 23, 2019,“The Problem with FIREing at 4% and the Need for Flexible Spending Rules,” by Michael Kitces, Kitces.com, July 23, 2019. “The 25X Rule to Early Retirement,” by Rob Berger, Forbes.com, Feb. 23, 2017. Human capital definition, Investopedia “Going Back to Work,” by Chris Mamula, Can I Retire Yet?, July 22, 2019. Mr. Money Mustache 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 Rekenthaler. Rekenthaler is a director in Morningstar Research Services and a feature contributor to our platforms, including Morningstar.com. A lucid thinker and brilliant writer, his popular "Rekenthaler Report" column has become a must read among investors, financial advisors, fund industry participants, and beyond.Rekenthaler began his career at Morningstar in 1988 and has worn a number of hats, including leadership roles in our research and investment management divisions. Among other achievements, Rekenthaler has been a key player in developing some of Morningstar's best-known tools, including the Morningstar Rating for funds and the Morningstar Style Box. He holds a bachelor's degree in English from the University of Pennsylvania and a master's degree in business administration from the University of Chicago Graduate School of Business.BackgroundThe Rekenthaler ReportMorningstar Rating for funds methodologyMorningstar Style Box methodologyInvestor Behavior Morningstar's Mind the Gap study Rekenthaler Report: "Mutual Funds: Where Fun Came to Die"Rekenthaler Report: "3 Reasons Index Investors Deserve Perdition (or Not)"Rekenthaler Report: "Up-Front Investment Fees Are (Almost) No More"IncentivesRekenthaler Report: "Give Performance Fees a Chance"How John InvestsRekenthaler Report: "What's in My Portfolio?"Most and Least Popular ColumnsRekenthaler Report: "Enough with Revenue Sharing!"Rekenthaler Report: "About that Rigging Claim"Flash Boys: A Wall Street Revolt, by Michael Lewis, March 2014.Compelling Academic ResearchRekenthaler Report: "Predicting Mutual Fund Returns With the Ownership Lens""Judging Fund Managers by the Company They Keep," by Randolph Cohen, Joshua Coval, and Lubos Pastor; NBER Working Paper No. 9359, December 2002.The State of RetirementRekenthaler Report: "The Retirement Crisis That Isn't?"Teresa Ghilarducci"A Perplexing Tale About 401(k)s," by Scott Cooley; Morningstar.com, Nov. 26, 2015.Rekenthaler Report: "The British Show How to Improve 401(k)s"Best and Worst InnovationsRekenthaler Report: "Why ETFs Succeeded for Retail Investors"Rekenthaler Report: "Tactical-Allocation Funds: Even Worse Than Expected"Jack BogleRekenthaler Report: "Jack Bogle Strikes Back!"Rekenthaler Report: "Jack Bogle's (Somewhat) Accidental Legacy"Corporate Governance"Anticompetitive Effects of Common Ownership," by Jose Azar, Martin Schmalz, and Isabel Tecu; Journal of Finance, May 2018.Rekenthaler Report: "Are Index Funds Too Soft on CEOs?"Rekenthaler Report: "The Latest Salvo Against Indexing"Rekenthaler Report: "The Doctrine of Shareholder Value Has Indeed Helped Shareholders"Albert J. "Chainsaw Al" Dunlap bioWhat John ReadsBerkshire Hathaway shareholder lettersJoe Mansueto bioReflections on InvestingRekenthaler Report: "My Investment Howler" 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 of The Long View, we’ll recap some of our favorite moments from the podcast so far. Since the podcast’s launch in May 2019, we’ve had the chance to talk to some of the best portfolio managers, retirement researchers, and financial planners and advisors in the business. It’s been a treat to spend an hour each week chatting with them, and we’ve learned a great deal from each of the interviews. Last week’s episode included highlights from our interviews with portfolio managers. This week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers. William Bernstein: 'If You've Won the Game, Quit Playing'Jonathan Clements: 'It's in Wall Street's Interest to Make Everyday Investors Think That They Are Stupid'Allan Roth: 'I Embrace Dumb Beta'Josh Brown: 'Standardize the Process, Personalize the Advice'Carolyn McClanahan: 'There's More to Money Than Just Numbers'Sheryl Garrett: 'The Industry Thought I Was Nuts'David Blanchett: 'If You're Retiring Now You're in a Pretty Rough Spot'Michael Finke: Here's What Makes Retirees HappyArchive of all Long View episodes so far 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 of The Long View, we recap some of our favorite moments from the podcast so far.Since the podcast’s launch in May 2019, we’ve had the chance to talk to some of the best portfolio managers, retirement researchers, and financial planners and advisors in the business. It’s been a treat to spend an hour each week chatting with them, and we’ve learned a great deal from each of the interviews. This week’s episode includes highlights from our interviews with portfolio managers and investment strategists. Next week, we’ll feature some of our favorite clips from interviews with financial planners, advisors, and retirement researchers. James Montier: 'How Do I Get Paid for Owning This Asset?'Bill Nygren: 'A Stock That Doesn't Look Cheap on the Surface Might Be One of the Cheapest' Rob Arnott: Don't Sleep on Value Investing (Especially Emerging-Markets Value) Rupal Bhansali: FAANG Stocks Are 'Extremely Risky' Dan Ivascyn: Building a Portfolio to Bend but Not Break Ben Johnson: Index Funds Are Not 'Zombie Investors' Dana Emery: You're Not Getting a Valuation Discount for Free Dennis Lynch: 'Have a Growth Mindset and Be Willing to Learn New Things' Charles de Vaulx: Why Value Investing Has Slumped but Will Rebound 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 Dr. Moira Somers, a clinical neuropsychologist and professor. She’s also author of the book Advice That Sticks: How to Give Financial Advice That People Will Follow, published in 2018. Dr Somers’ expertise is in brain functioning, behavior change, and mental health, topics that she often discusses in the context of financial advice. She’s a frequent public speaker and also consults with advisors on improving their client outcomes. Dr. Somers is a senior faculty member with the Sudden Money Institute, where she trains advisors and conducts research into the psychological factors at play during major life transitions. BackgroundMoira Somers' biography Moira Somers' website Somers, M. 2018. Advice That Sticks: How to Give Financial Advice That People Will Follow (London: Practical Inspiration Publishing).Improving Client AdherenceBehavioral finance definition Martin, L., Williams, S.L., Haskard, K.B., et al. 2005. “The Challenge of Patient Adherence.” Therapeutics and Clinical Risk Management, Vol. 1, No. 3, P. 189. Somers, M. “Does Your Advice Stick?” Journal of Financial Planning, May 2018. Stone, G.C. 1979. “Patient Compliance and the Role of the Expert.” Journal of Social Issues, Winter. “Financial Jargon Your Advisor May Throw at You,” CNBC.com, Oct. 8, 2012. Beerens, M. 2019. “Listening, Empathy and Personal Attention Go A Long Way in Client Acquisition and Retention.” Investors Business Daily, Nov. 4, 2019. Lee, B.Y. 2018. “11 Seconds: How Long Your Doctor Waits Before Interrupting You." Forbes.com, July 22, 2018. Jung, D. 2019. “Nudge Action: Overcoming Decision Inertia in Financial Planning Tools.” BehavioralEconomics.com, March 12, 2019.Benartzi, S. 2017. “How Digital Tools and Behavioral Economics Will Save Retirement.” Harvard Business Review, Dec. 7, 2017.Raihani, N. 2013. “Nudge Politics: Efficacy and Ethics.” Frontiers in Psychology, Vol. 4, P. 972. Eisenberg, R. 2013. “To Solve the U.S. Retirement Crisis, Look to Australia,” Forbes.com, Aug. 19, 2013. Frankenfield, J. 2019. “What Is a Robo-Advisor?” Investopedia.com, Oct. 1, 2019. Knudge.com Touchstone Pathway Gamification definition Kahneman, D. 2011. Thinking, Fast and Slow. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

BackgroundJohn Lynch bio John Lynch research Center for Research on Consumer Financial Decision Making Academic Research Council, Consumer Financial Protection Bureau Financial EducationFernandes, Lynch, J.G., & Netemeyer, R.G. 2013. “Financial Literacy, Financial Education, and Downstream Financial Behaviors.” forthcoming in Management Science.“Examining Financial Education: How Literacy and Interventions Affect Financial Behaviors,” National Endowment for Financial Education, 2014. “Financial Literacy: Just-in-Time Is the Ticket,” Christine Benz and John Lynch, Morningstar.com, March 12, 2016. Thaler, R. 2013. “Financial Literacy: Beyond the Classroom.” The New York Times, Oct. 5, 2013. Kitces, M. 2016. “Financial Literacy Effectiveness and Providing Just-in-Time Training by Financial Advisors.” Nerd’s Eye View, Sept. 21, 2016. Ward, A.F. & Lynch, J.G. 2019. “On a Need-to-Know Basis: How the Distribution of Responsibility Between Couples Shapes Financial Literacy and Financial Outcomes.” Journal of Consumer Research, Vol. 45, No. 5, P. 1013. Retirement Planning and Financial OutcomesSammer, J. “Retirement Plans Are Leaking Money. Here’s Why Employers Should Care.” Society of Human Resources Management, Oct. 17, 2017. Nudge theory definition Thaler, R. & Sunstein C. 2008. “Nudge: Improving Decisions About Health, Wealth, and Happiness" (New Haven: Yale University Press).Wright, O. 2013. “How Organ Donation Is Getting Nudge in the Right Direction.” The Independent, Dec. 24, 2013. “How America Saves,” Vanguard, 2019. Financial Decision-Making and Well-Being“Four-Year Myth,” Lumina Foundation.Hunter, W.G., Zhang, C.Z., Hesson, A., et al. 2016. “What Strategies Do Physicians and Patients Discuss to Reduce Out-of-Pocket Costs? Analysis of Cost-Saving Strategies in 1,755 Outpatient Clinic Visits.” Society for Medical Decision Making, Vol. 36, No. 7, P. 900. Netemeyer, R., Warmath, D., Fernandes, D. & Lynch. J. 2017. “How Am I Doing? Financial Well-Being, Its Potential Antecedents, and Its Relation to Psychological/Emotional Well-Being.” Advances in Consumer Research, Vol. 45, P. 780. “Complaint Snapshot: Debt Collection,” Consumer Financial Protection Bureau, May 2018. Nova, A. 2019. “A $1,000 Emergency Would Push Many Americans Into Debt,” CNBC.com, Jan. 23, 2019. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

BackgroundGus Sauter bio Gus Sauter retirement announcement Fast Facts About Vanguard Council on University of Chicago Booth School of BusinessJack Bogle bio https://en.wikipedia.org/wiki/John_C._BogleJack Brennan bio Search for Alpha “Alpha and the Paradox of Skill” by Michael J. Mauboussin and Dan Callahan. Credit Suisse, July 15, 2013. Growth, and Limits, of IndexingCharles Ellis bio Charles Ellis books Burton Malkiel bio Burton Malkiel books Indexing and Price Discovery“Setting the Record Straight: Truths About Indexing” by James J. Rowley, Joshua M. Hirt, and Haifeng Wang. The Vanguard Group, January 2018. Indexing and Corporate Governance“Vanguard CEO Jack Brennan Makes His Demands Heard” by Aaron Lucchetti. The Wall Street Journal, February 2003. Private Markets and AlternativesDavid Swensen bio David Swensen books The Case for IndexingWilliam Sharpe bio“The Arithmetic of Active Management” by William Sharpe; The Financial Analysts Journal, Volume 47, No. 1; January/February 1991. Innovation“Nudge: Improving Decisions About Health, Wealth, and Happiness” by Richard Thaler and Cass Sunstein, February 2009. 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 Dr. Jeffrey Brown, the Josef and Margot Lakonishok Professor and the Dean of the University of Illinois Gies College of Business. A key focus of Dean Brown's research is how to create sustainable retirement income, including the role of annuities, Social Security, 401(k)s, pensions and long-term care planning. He's a research affiliate at the National Bureau of Economic Research, a faculty affiliate of the Institute on Government and Policy Affairs, and a fellow at the TIAA Institute. He also serves as a trustee for TIAA. In addition, he served on the Social Security Advisory Board under President George W. Bush and was also a senior economist at the White House Council of Economic Advisers. He has published extensively on the topic of retirement security and public and private insurance markets, and he has received numerous awards for his research as well. He holds a Ph.D. in economics from MIT, and a master's in public policy from Harvard.BackgroundJeffrey Brown bioJeffrey Brown C.V. Jeffrey Brown publications and working papers Defined Contribution (DC) PlansDefined contribution plan definition Defined benefit plan definition “A Brief History of the 401(k), Which Changed How Americans Retire,” by Kathleen Elkins, CNBC.com, Jan. 4, 2017.“The Disappearing Defined Benefit Pension and Its Potential Impact on the Retirement Incomes of Baby Boomers,” by Barbara A. Butrica, Howard M. Iams, Karen E. Smith, and Eric J. Toder, Social Security Bulletin, Vol. 69, No. 3, 2009.“What Killed Pensions,” by Mary Beth Franklin, Kiplinger, Oct. 6, 2011.“Public Pensions Are Still Marching to Their Death,” by Jeffrey Dorfman, Forbes.com, Sept. 11, 2014.“House Passes SECURE Act to Ease 401(k) Compliance, Promote Savings,” by Stephen Miller, SHRM.org, May 23, 2019.“How the SECURE Act Would Impact Your 401(k),” by Simon Moore, Forbes.com, June 25, 2019.“Annuities in 401(k)s Won’t Solve the Retirement Crisis. Here’s Why,” by Mary Romano, Barron’s, June 28, 2019.“What Does It Mean to Annuitize?” by Justin Pritchard, Thebalance.com, Jan. 21, 2019.“Crash Course Needed: Four Out of Five Americans Fail When Quizzed on How to Make Their Nest Eggs Last,” by The American College for Financial Planning, Dec. 3, 2014.“401(k) Nudges and Course Corrections,” by Kimberly Blanton, Squared Away blog, Oct. 24, 2017.“Thank Richard Thaler for Your Retirement Savings,” by Ben Steverman, Bloomberg, Oct. 10, 2017.“Plan Quality Varies Significantly by Industry,” by John Manganaro, PlanAdviser, March 20, 2017.“Corporate Profits and 401(k) Plan Performance Go Hand in Hand: T. Rowe Price,” by Michael S. Fischer, ThinkAdvisor, Sept. 17, 2018.“The Conundrum of State-Run Retirement Plans,” by Terry Dunne, InvestmentNews, May 8, 2017.“Reasons to Be Wary of State-Run Retirement Plans,” by Jeffrey Brown, Forbes.com, Feb. 10, 2014.Multiple Employer Plan (MEP) definition“How Hard Should We Push the Poor to Save for Retirement?” by Andrew G. Biggs, The Journal of Retirement, Spring 2019.Thrift Savings Plan Annuities“Use Annuities to Protect Yourself from Yourself,” by Jeffrey Brown, Forbes.com, May 22, 2014.“Income Annuities Provide Retirees Longevity Protection,” by Wade Pfau, Investment News, Sept. 28, 2019.“Why Don’t People Insure Late-Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle,” by Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan, and Marian V. Wrobel, National Bureau of Economic Research, January 2008.Variable annuity definitionEquity-indexed annuity definitionDeferred payment annuity definition“The Main Types of Annuities Made Easy,” by Clair Boyte-White, Investopedia, July 27, 2019.“Annuities and Inflation Risk,” by Robert Bloink and William H. Byrnes, ThinkAdvisor, Sept. 3, 2011.“Lifetime Income for Women: A Financial Economist’s Perspective,” by David F. Babbel, Wharton Financial Institutions Center Policy Brief, Aug. 12, 2008.“Jeff Brown Tackles Tough Annuity Questions,” by Michael Finke, ThinkAdvisor, Sept. 29, 2014.“Annuities and Individual Welfare,” by Thomas Davidoff, Jeffrey Brown, and Peter Diamond, The Center for Retirement Research at Boston College, May 2003.“Behavioral Impediments to Valuing Annuities: Complexity and Choice Bracketing,” by Jeffrey R. Brown, Arie Kapteyn, Erzo F.P. Luttmer, Olivia S. Mitchell, and Anya Samek. National Bureau of Economic Research, Oct. 11, 2019.Intertemporal choice definition Long-Term Care“Does Medicare Cover Long-Term Care?” Medicare.com"Insuring Long-Term Care in the U.S.," by Jeffrey Brown and Amy Finkelstein, National Bureau of Economic Research, September 2011.“The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market,” by Jeffrey R. Brown and Amy Finkelstein, National Bureau of Economic Research, October 2004.“Can Increasing The Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015.Long-Term Care Financing Project“Hybrid Lon

Our guest on the podcast this week is Charles de Vaulx. De Vaulx is chief investment officer and portfolio manager at International Value Advisers, where he is also a partner. With his colleague Chuck de Lardemelle, de Vaulx manages the IVA International and IVA Worldwide strategies. Before joining IVA in 2008, de Vaulx had been the portfolio manager of First Eagle Global, First Eagle Overseas, First Eagle U.S. Value, and First Eagle Variable. For his accomplishments, Morningstar has recognized de Vaulx several times in the past, awarding him and his comanager our International-Stock Manager of the Year Award in 2001 and nominating them for the same award in 2006. De Vaulx began his career at Societe Generale Bank as a credit analyst in 1985. He graduated from the Ecole Superieure de Commerce de Rouen and holds the French equivalent of a master's degree in finance.BackgroundCharles de Vaulx bioCharles de Lardemelle bioIVA Worldwide IVWIX IVA International IVIOX ReferencesModern monetary theory (MMT) definitionHerfindahl-Hirschman Index (HHI) definitionCreative destruction definitionA History of Interest Rates, by Sidney Homer and Richard Sylla; 2007"The Irresistible Charm of the Family Factor," by Credit Suisse, Sept. 27, 2017Jean-Marie Eveillard bio"The Superinvestors of Graham-and -Doddsville," by Warren Buffett, Columbia Business School, May 17, 1984Berkshire Hathaway 2013 shareholder letter, Page 20Edward O. Thorp bioSuperforecasting: The Art and Science of Prediction, by Philip E. Tetlock and Dan Gardner, 2016 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Barbara Roper. She is director of investor protection for the Consumer Federation of America, where she has been employed since 1986. A leading consumer spokesperson on investor protection issues, Roper has conducted studies of abuses in the financial planning industry, state oversight of investment advisors, state and federal financial planning regulation, financial planning software, financial education needs of low-income older persons, the information preferences of mutual fund shareholders, systemic risk regulation, and securities law weaknesses as a cause of the financial crisis. She has testified frequently before Congress and has supported federal and state legislative and regulatory initiatives on a broad range of investor protection issues. Roper is a member of the SEC's Investor Advisory Committee, Finra's Investor Issues Group, and the CFP Board's Public Policy Council and Standards Commission.BackgroundBarbara Roper bioMicah Hauptman bioConsumer Federation of AmericaConsumer Federation of America, Investor Protection DivisionState of Investor Protections Today"The Laws That Govern the Securities Industry"Investment Company Act of 1940Investment Advisers Act of 1940Growth of Private Market"Looking Behind the Declining Number of Public Companies," by Les Brorsen, Harvard Law School Forum on Corporate Governance and Financial Regulation, May 18, 2017."Where Have All the Public Companies Gone?" by the Bloomberg.com editorial board, April 9, 2018. Accredited Investor definitionConcept Release on Harmonization of Securities Offering Exemptions, Securities and Exchange Commission.Letter from Consumer Federation of America to SEC Regarding Concept Release on Harmonization of Securities Offering Exemptions, by Barbara Roper and Micah Hauptman, Oct. 1, 2019."Private-Equity Funds in 401(k) Plans?" by John Rekenthaler, Morningstar.com, July 9, 2019. "SEC's Proposal on Private Placements Isn't Backed by Data," by the InvestmentNews editorial board, Aug. 31, 2019. Investment Fees"2018 Morningstar Fee Study Finds That Fund Prices Continue to Decline," by Adam McCullough, CFA, Morningstar.com, April 30, 2019. "Money Flowed to the Cheapest Funds in the Third Quarter," by Tom Lauricella and Gabrielle Dibenedetto, Morningstar.com, Oct. 18, 2019."That Investment Fees Are Falling Is a Popular Narrative, But It's Not the Whole Story," by Tom Bradley, Financial Post, April 4, 2019."401(k) Plan Quality Correlates with Company Profits," by Anne Tergesen, The Wall Street Journal, Sept. 17, 2018."How High Is Too High for 401(k) Fees?" Consumer Reports, Dec. 31, 2018.Consumer Federation of America on SEC Proposal Regarding Fee Disclosure in Mutual Fund Point-of-Sale and Confirmation Documents, April 21, 2004.Fund Democracy and Consumer Federation of America letter to the Employee Benefits Security Administration Regarding Fee Disclosure for Individual Accounts, July 24, 2007. Disclosure"House Approves Bill Requiring SEC to Test Investor Disclosures," by Mark Schoeff Jr., InvestmentNews, Oct. 17, 2019. Speech by SEC Commissioner Cynthia Glassman, Nov. 4, 2005. Investment Advice"House Members Urged to Vote Yes on Bill to Improve SEC Disclosure Effectiveness," Consumer Federation of America, Oct. 11, 2019.SEC Proposed Regulation Best InterestRegulation Best Interest definition"SEC Passes Regulation Best Interest, but Fiduciary Rules Could Make a Comeback," by Andrew Welsch, Financial Planning, June 5, 2019. "SEC's Regulation Best Interest Comes Under Attack," by Melanie Waddell, ThinkAdvisor, Sept. 24, 2019. "What Investors Need to Know About Regulation Best Interest," by Aron Szapiro, Morningstar.com, June 14, 2019. The SEC's Best-Interest Proposal: What We Told Regulators," by Aron Szapiro, Morningstar Blog, Aug. 8, 2018. Form CRS Relationship Summary; Amendments to Form ADV, SEC.gov. "SEC's New Customer Relationship Form Confuses Consumers," by Melanie Waddell, ThinkAdvisor, Sept. 13, 2018.Retirement"Court Overturns Obama-Era Rule on Retirement Planners," by Tara Siegel Bernard, The New York Times, March 16, 2018. "Think Your Retirement Plan Is Bad? Talk to a Teacher," by Tara Siegel Bernard, The New York Times, Oct. 21, 2016. "Teachers and Annuities: A Questionable Match and a Hard Product to Shed," by Ron Lieber, The New York Times, March 16, 2018. "The Annuity Trap Teachers Need to Avoid," by Leslie P. Norton, Barron's, May 25, 2019. "SEC Probes Practices in Public-Sector Retirement Plans," Barron's, Oct. 9, 2019."Legislation That Aims to Help Workers Save," by Aron Szapiro, Morningstar.com, April 12, 2019. "House Passes SECURE Retirement Bill With Massive Bipartisan Support," by Greg Iacurci, InvestmentNews, May 23, 2019. "What the New Retirement Bill Means for Savers and Retirees," by Reshma Kapadia, Barron's, May 26, 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 is Dennis Lynch. Lynch is the head of Counterpoint Global at Morgan Stanley Investment Management. He joined Morgan Stanley in 1998 and has 25 years of investment experience. In his role, Lynch and his team run a number of growth equity strategies under the Morgan Stanley banner, including Morgan Stanley Institutional Advantage, Morgan Stanley Institutional Growth, and Morgan Stanley Institutional Discovery funds. All told, he and his team manage nearly $30 billion across their various mandates. On the strength of his track record, Morningstar named Lynch and his team Domestic Stock Fund Manager of the Year in 2013. Lynch received a B.A. in political science from Hamilton College and an MBA with honors and finance from Columbia University. We're pleased to have him join us today.BackgroundDennis Lynch bio Morgan Stanley Counterpoint Global Morgan Stanley Institutional Growth Fund Morgan Stanley Institutional Discovery Fund“A Closer Look at a Fund Manager of the Year” by Janet Yang; Morningstar; Feb. 3, 2014Team Members ReferencedKristian Heugh bioSam Chainani bio David Cohen bio Stan Delaney bio Innovation vs. Mission CreepFacebook“Facebook stock jumps 12.6 percent as share lockup expires” by Alexei Oreskovic; Reuters; Nov. 14, 2012"Shared Reading" and ESG“Earth Has a Hidden Plastic Problem—Scientists Are Hunting It Down” by Andrea Thompson; Scientific American; Aug. 13, 2018 “ESG and Sustainable Investing Report” by Kristian Heugh and Marc Fox; Morgan Stanley Investment Management; Mar. 7, 2019 Disruptive Technologies and Forces“The EDGE: Automation/Robotics” by Morgan Stanley Counterpoint Global; Dec. 18, 2018 “Three Big Things: The Most Important Forces Shaping the World” by Morgan Housel; Collaborative Fund; Oct. 4, 2019 "What is a Tech Company?" by Ben Thompson; Stratechery; Sept. 3, 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 in the podcast today is Meir Statman, the Glenn Klimek Professor of Finance at Santa Clara University and a specialist in behavioral finance. Meir's research focuses on how investors and managers make financial decisions and how these decisions are reflected in financial markets. His work has been published in The Journal of Finance, The Financial Analysts Journal, The Journal of Portfolio Management, and many other publications. Meir has also received numerous awards for his research, including three Graham and Dodd Awards and the Matthew R. McArthur Industry Pioneer Award. His latest book, Finance For Normal People, was just released in paperback.BackgroundMeir Statman bioFinance for Normal People by Meir Statman, Oxford University Press, 2017 What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions by Meir Statman,McGraw-Hill Education, 2010. Investor Behavior“The Expressive Nature of Socially Responsible Investors” by Meir Statman, January 2008. “Money Flowed to the Cheapest Funds in the Third Quarter” by Tom Lauricella and Gabriel Dibenedetto, Morningstar.com, Oct. 2019. “Morningstar Fund Flows Commentary” by Morningstar, August 2019. Retirement HappinessFIRE movement “Michael Finke: Here’s What Makes Retirees Happy” by Morningstar, The Long View podcast, episode 23, October 2019. “To Compete with Robos, Advisors Must Become Financial Physicians” by Lauren Foster, CFA Institute blog, April 2017. Retirement Spending“Carolyn McClanahan: There’s More to Money Than Just the Numbers” by Morningstar, The Long View podcast, episode 5, June 2019. “The Mental Mistakes We Make with Retirement Spending” by Meir Statman, Wall Street Journal, April 2017. “The Bucket Approach to Retirement Allocation” by Christine Benz, Morningstar.com, February 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 this week’s podcast today is Dana Emery, chief executive officer, president, and co-director of fixed income at Dodge & Cox. Dodge & Cox is a privately held firm that was founded in 1930; it manages six mutual funds and separately managed accounts. The firm uses a value-oriented approach across asset classes.Dana joined Dodge & Cox in 1983 and serves as comanager on Dodge & Cox Income DODIX, Dodge & Cox Balanced DODBX, and Dodge & Cox Global Bond DODLX; she became Dodge & Cox’s chief executive officer in 2013. She is also president and a trustee of the Dodge & Cox Funds.BackgroundDana Emery BioDodge & Cox OverviewMorningstar Analyst Report for Dodge & Cox Income Morningstar Analyst Report for Dodge & Cox Balanced Morningstar Analyst Report for Dodge & Cox Global BondStewardship“Here’s What Warren Buffett’s Hero Jack Bogle Is Most Worried About in the Markets Right Now,” by John Melloy, CNBC.com, March 21, 2017.“Dodge & Cox: Built to Last,” by Andrew Daniels, Morningstar.com, Nov. 16, 2017.“Is Any Mutual Fund Company Better Than Vanguard? 1 Comes Close,” by Daren Fonda, Barron’s, Sept. 7, 2019.“An Old School Investment Manager That Builds Wealth Quietly,” by Landon Thomas, Jr., The New York Times, Oct. 13, 2017.“The Top Fund Families,” by Michael Laske, Morningstar blog, Feb. 22, 2019.“Morningstar Fund Family 150,” Morningstar Direct, July 1, 2019.Dodge & Cox “People” Page (including management tenure and fund ownership), Morningstar.comDodge & Cox “Parent” Page, Morningstar.comPortfolio Management and Strategy"Investment Risk Management," Dodge & Cox, April 2017Government-sponsored enterprise (GSE), Wikipedia.Senior and Subordinated Debt, Corporate Finance Institute."Finding Value in BBB Debt--Not All Corporate Bonds Are Created Equal," Dodge & Cox, October 2019."A Value Investor’s Case for European Financials," Dodge & Cox, April 2019."Understanding the Case for Active Management," Dodge & Cox, October 2016. Women in Fund Management“Fund Family with 25% Women Managers Far Exceeds Industry Average,” by Liz Skinner, InvestmentNews, June 2, 2015. “Who Runs Mutual Funds? Very Few Women,” by Jeff Sommer, The New York Times, May 4, 2018.Girls Who Invest ESG"Evaluating Environmental, Social, and Governance Factors as Active Owners," Dodge & Cox, April 2018."Dodge & Cox’s Approach to Evaluating ESG Factors," Dodge & Cox, January 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 this week’s episode of The Long View podcast is Ben Johnson. Ben is Morningstar's director of global passive research. In that role, Ben leads a team of analysts who conduct research on index mutual funds and exchange-traded funds and publish research on the global passive investing industry.Before assuming his current role, Ben was director of ETF research for Europe and Asia and served as the editor of the Morningstar ETFInvestor newsletter. Prior to that, Ben served as a senior equity analyst at Morningstar covering the agriculture and chemicals industry. Before joining Morningstar in 2006, Ben worked as a financial advisor for Morgan Stanley. He holds a bachelor's degree in economics from the University of Wisconsin, as well as the Chartered Financial Analyst designation. In 2015, Fund Directions and Fund Action named Ben among the 2015 Rising Stars of Mutual Funds. BackgroundBen Johnson articles and videos on Morningstar.com Growth of Indexing“Investors Still Pouring Money Into Passive Funds,” by Christine Benz and Kevin McDevitt, Morningstar.com, July 29, 2019. “Have Fee-Based Models Won the Battle ... or the War?,” by Ginger Szala, ThinkAdvisor, Feb. 21, 2019. “End of Era: Passive Equity Funds Surpass Active in Epic Shift,” by John Gittelsohn, Bloomberg.com, Sept. 11, 2019. “Retail Distribution Review: Effects on Fund Fees in the UK,” by Jackie Beard, Morningstar blog, Nov. 9, 2018. “Passive Investing Hasn’t Taken Over the World,” by Barry Ritholtz, Investment News, Oct. 1, 2019. Risks in the Growth of Indexing“The Big Short’s Michael Burry Explains Why Index Funds Are Like CDOs,” by Reed Stevenson, Bloomberg.com, Sept. 4, 2019.“Market-Cap-Weighted Index Funds Not Broken,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Oct. 3, 2018.“Bogle Sounds a Warning on Index Funds,” by John C. Bogle, The Wall Street Journal, Nov. 29, 2018. “Passive Fund Providers Take an Active Approach to Fund Stewardship,” by Hortense Bioy, Morningstar.com, Dec. 6, 2017.“Indexing Impact Fears Overblown,” by Ben Johnson and Jeremy Glaser, Morningstar.com, Sept. 8. 2016. Retirement Plans“Use of Index Funds in 401(k)s Increasing,” by Rebecca Moore, PlanSponsor, June 21, 2019. “Here’s the Real Reason Why Your 401(k) Fees Are Falling,” by Darla Mercado, CNBC.com, May 9, 2018. “Using ETFs in a Retirement Plan,” by Susan Dziubinski, Morningstar.com, Sept. 9, 2016.Commissions and Fees“Fidelity’s Free Funds and the Changing Brokerage Business,” by John Rekenthaler, Morningstar.com, Aug. 8, 2018. “Looking Past the Fidelity Zero Headlines,” Christine Benz and Ben Johnson, Morningstar.com, Aug. 9, 2018."Schwab to Drop Commissions on U.S. Stock, ETF and Options Trades, Slamming Online Broker Stocks," by Ciara Linnane, Marketwatch, Oct. 1, 2019. "E-Trade Drops Commissions on Trades, Joining Schwab, TD Ameritrade in Brokerage Fee War," by Maggie Fitzgerald, CNBC.com, Oct. 2, 2019. “Are No-Commission Trades Good for Investors?” by Christine Benz and Ben Johnson, Morningstar.com, Oct. 2, 2019, Morningstar.com. Indexing Market Segments“Everything You Need to Know About Strategic-Beta ETFs,” by Ben Johnson, Morningstar.com, April 8, 2016. “Are High-Yield ETFs Junk?” by Alex Bryan, Morningstar.com, April 26, 2017. “Indexing in Less-Efficient Markets,” by Alex Bryan, Morningstar.com, Oct. 5, 2016. “An Overview of the Passive Bond Funds Landscape,” by Christine Benz and Alex Bryan, Morningstar.com, March 22, 2018. “Better Bond ETFs?” by Alex Bryan, Morningstar.com, Aug. 3, 2016. “Are There Viable Alternatives to Traditional Bond ETFs?” by Christine Benz and Alex Bryan, Morningstar.com, June 29, 2016. “Introducing Two New Morningstar Bond Categories,” by Sarah Bush, Morningstar.com, May 2, 2019. Morningstar Analyst Report for iShares 20+ Year Treasury Fund TLT Morningstar Analyst Report for iShares iBoxx $ High Yield Corporate Bond ETF HYG Morningstar Analyst Report for SPDR Bloomberg Barclays High Yield Bond ETF JNK“6 Questions about Low-Vol Investing,” by Susan Dziubinski, Morningstar.com, Sept. 8, 2017. Morningstar Analyst Report for iShares Edge MSCI Min Vol USA ETF USMV “A Checklist for Assessing Dividend ETFs,” by Ben Johnson, Morningstar.com, June 29, 2016. “Not All Dividend ETFs Are Created Equal,” by Ben Johnson, Morningstar.com, Aug. 25, 2017. Morningstar Analyst Report for Schwab U.S. Dividend Equity ETF SCHD Morningstar Analyst Report for Vanguard Dividend Appreciation VIG 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 Alicia Munnell, the director of The Center for Retirement Research at Boston College. Alicia is a towering figure in the retirement research space. She and the team at the Center for Retirement Research produce articles and white papers on a wide variety of retirement-related topics, including Social Security, tax policy, retirement preparedness, and healthcare. Prior to joining Boston College in 1997, Alicia was a member of the president’s council of economic advisors and assistant secretary of the Treasury for economic policy. Previously, she spent 20 years at the Federal Reserve Bank of Boston, where she became senior vice president and director of research in 1984. Alicia has written scores of articles and authored and edited many books over the years; most recently, she co-authored Falling Short: The Coming Retirement Crisis and What to Do About It.BackgroundAlicia Munnell bioAlicia Munnell research archive Center for Retirement Research at Boston CollegeBooks by Alicia Munnell Retirement Preparedness“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, The Wall Street Journal, April 23, 2017.“The Wealth of Households: An Analysis of the 2016 Survey of Consumer Finance,” Center for Economic and Policy Research, November 2017. “Women, Marriage, and the National Retirement Risk Index,” by Alicia H. Munnell, Wenliang Hou and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.“Exploring the Retirement Consumption Puzzle,” by David Blanchett, Journal of Financial Planning, May 2014. “David Blanchett: If You’re Retiring Now, You’re in a Pretty Rough Spot,” The Long View, Sept. 18, 2019. “The Extraordinary Happiness of Retirees,” by Steve Vernon, Global Coalition on Aging, May 16, 2016. Defined-Contribution Plans“The Federal Government Should Fix the Pension Coverage Gap,” by Alicia H. Munnell, Marketwatch, June 6, 2018.“An Analysis of Retirement Models to Improve Portability and Coverage,” by Alicia H. Munnell, Anek Belbase, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, March 2018.“Are Americans Really Able to Manage Their 401(k) Plans?” by Alicia Munnell, NextAvenue, May 17, 2012. “401(k) Plan Fees: What Is Reasonable?” by Liam Pleven, The Wall Street Journal, Feb. 20, 2015. “A Safe Harbor for Annuities Could Help Retirement Savers,” by Aron Szapiro, Morningstar blog, Oct. 18, 2018. “State-Based Retirement Plans for the Private Sector,” Pension Rights Center. Social Security"Social Security’s Financial Outlook: The 2019 Update in Perspective," by Alicia H. Munnell, Center for Retirement Research at Boston College, May 2019. Status of the Social Security and Medicare Programs: A Summary of the 2019 Annual Reports, Social Security and Medicare Boards of Trustees. “Alicia Munnell: The Social Security Fix No One Wants,” by Jane Wollman Rusoff, ThinkAdvisor, Jan. 30, 2018.“The Implications of Social Security’s 'Missing Trust Fund',” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, June 2019.The Role of Home Equity in Retirement Planning“Retiree Housing Wealth: Battered but Still Significant,” by Alicia Munnell, MarketWatch, Feb. 4, 2015. “How Much Does Housing Affect Retirement Security? An NRRI Update,” by Alicia H. Munnell, Wenliang Hou, and Geoffrey T. Sanzenbacher, Center for Retirement Research at Boston College, September 2015. “Can a Reverse Mortgage Help Save an Underfunded Retirement?” by Michelle Singletary, The Washington Post, July 2, 2018. “This Secret Tax Break Could Help You Save Thousands of Dollars a Year If You Own a Home,” by Sarah Max, Money, Aug. 27, 2018 Long-Term Care“Long-Term Care: How Big a Risk?” by Leora Friedberg, Wenliang Hou, Wei Sun, and Anthony Webb, Center for Retirement Research at Boston College, November 2014.“Can Increasing the Long-Term Care Insurance Elimination Period Make Coverage Appealing Again?” by Michael Kitces, Nerd’s Eye View, Jan. 7, 2015. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.