The Long View

Our guest on the podcast today is retirement researcher Wade Pfau. Wade is the founder of Retirement Researcher, an educational resource on retirement planning for individuals and financial advisors. He’s co-founder of the Retirement Income Style Awareness Tool and a co-host of the Retire With Style podcast. He’s a professor of practice at the American College of Financial Services and a research fellow with the Limra Retirement Income Institute. And he’s also a principal and director of retirement research for McLean Asset Management. Wade has written several books, including his most recent, a third edition of his Retirement Planning Guidebook. 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’s also a chartered financial analyst. Episode Highlights 00:00:00 Updates to the Retirement Planning Guidebook 00:00:29 Do Retirees Today Have a Stronger Starting Spending Rate? 00:04:03 Asset Allocation, Annuities, and Target-Date Funds 00:08:11 Retirement Income Styles 00:15:07 Non-US Safe Withdrawal Rates and Flexible Spending Strategies 00:23:55 Probability of Success and Estimating Longevity 00:27:47 Underspending, Organic Income, and Mortgage Payoff 00:35:46 Exploring the Retirement Risk Zone 00:39:20 Equity Glide Paths, Sequence Risk, and Delaying Social Security 00:46:43 Annuities: Private Equity Concerns and Due Diligence More Retirement Research From Wade Pfau Exploring the Retirement Risk Zone Reducing Retirement Risk with a Rising Equity Glide Path More From Morningstar What’s Your Retirement Income Style? 8 Reasons You Might Need to Tweak Your Portfolio Wade Pfau: The Risks of Retirement Today If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today’s guest on The Long View is Pat Dorsey. Pat is the founder of Dorsey Asset Management, a boutique asset manager serving institutional clients. From 2000 to 2011, Pat was the director of equity research for Morningstar, where he led the growth of Morningstar’s equity research group from 20 to 90 analysts. Pat was instrumental in the development of Morningstar’s economic moat ratings, as well as the methodology behind Morningstar’s framework for analyzing competitive advantage. Pat is also the author of two books, The Five Rules for Successful Stock Investing, and The Little Book That Builds Wealth. Pat holds a master’s degree in political science from Northwestern University and a bachelor’s degree in government from Wesleyan University. Pat is a CFA charterholder. Episode Highlights 00:00:00 Defining Economic Moats and Moat Source Mistakes 00:05:34 Shifting Landscape for Returns on Invested Capital as a Metric 00:07:52 Inevitable vs. Noninevitable Moats 00:09:36 Moat Durability, Network Effects, and Lessons From PayPal 00:13:46 Management Quality, Founders, and Pricing Discipline 00:24:02 High-Quality Companies, “Too Hard” Bucket, and AI Uncertainty 00:29:29 Premortem, Behavioral Edge, and Opportunity Cost More From Morningstar AI Isn’t an Economic Moat Killer, but It Will Disrupt Industries Lawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’ How to Measure a Company’s Competitive Advantage If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Bill Yount. Bill is a practicing emergency physician. He’s also co-host of a podcast called Catching Up to Fi, where he and Jackie Cummings Koski discuss pursuing financial independence later in life. Bill received his bachelor’s degree from Duke University, his doctor of medicine degree from the University of North Carolina at Chapel Hill, and completed his residency in emergency medicine at Northwestern University. Episode Highlights 00:00:00 From a Scarcity Mindset to the Hedonic Treadmill 00:10:04 The Wake-Up Call: Burnout, Lawsuits, and Turning 50 00:11:05 Finding FIRE Late: Catching Up to Financial Independence 00:13:44 Budgeting, Downsizing, and Boosting Savings Rates 00:20:56 Landmarks on the Way to Financial Independence 00:25:50 Life Planning, Risk Parity, and Calibrating Safe Withdrawals 00:34:51 Achieving FI and Knowing When It’s Time to Retire 00:43:44 Building Generational Wealth, Giving Early, and Advice to Late Starters More From Morningstar My Baptism by FIRE: Lessons on Financial Independence The Best Retirement Strategies for Leaving Money Behind Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta’ If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Emily Guy Birken. Emily’s the author of The Five Years Before You Retire. She also co-authored Stacked: Your Super-Serious Guide to Modern Money Management, with Joe Saul-Sehy. Other books include End Financial Stress Now, Making Social Security Work for You and Choose Your Retirement: Find The Right Path to Your New Adventure. Emily received her master’s degree in education from the Ohio State University and her undergraduate degree in English from Kenyon College. Episode Highlights 00:00:00 Emily Guy Birken’s Path to Money and Retirement Writing 00:04:26 Why the Five Years Before Retirement Are Crucial and How Much Is “Enough” Savings 00:10:31 How Expectations Can Shape Happiness in Retirement 00:13:14 Key Moves for Preretirees to Cover Retirement Savings Shortfalls 00:15:58 Social Security: Benefits of Delaying and Advice for Young Workers 00:27:06 Budgets in Retirement and Irregular Expenses on a Fixed Income 00:33:14 Why Long‑Term‑Care Insurance Rarely Pays Off Today 00:36:10 Pre-Medicare Health Insurance Options 00:40:17 Early Mortgage Payoff vs. Investing in Retirement 00:42:26 How Writing About Retirement Changed Guy Birken’s Own Planning More From Morningstar 5 Things to Do Today If You Want to Retire in 5 Years Dan Haylett: ‘The Retirement You Didn’t See Coming’ The Best Strategies for Consistent Retirement Spending If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests on the podcast today are Jamie Hopkins and Bonnie Treichel, who are co-authors of a new book, Your Retirement Sketchbook. Jamie is the CEO of Bryn Mawr Trust Advisors, Chief Wealth Officer of WSFS Bank, and founder of the FinServ Foundation. He’s a professor of practice at Creighton University and the American College of Financial Services. He’s also a contributor to Forbes and has been elected to the Fellows of the American Bar Foundation. Bonnie is the founder and Chief Solutions Officer of Endeavor Retirement, a consulting firm dedicated to solving problems for plan sponsors, advisors, and service providers in the retirement plan industry. She also serves as treasurer for the FinServ Foundation. Episode Highlights 00:00:00 The FinServ Foundation and Your Retirement Sketchbook 00:10:06 Understanding “Rewirement,” Mindset Shifts, and Behavioral Biases in Retirement 00:18:15 Why In‑Plan Annuities Are Emerging Inside 401(k) Plans 00:20:57 Retirement Bucket, Private Assets, and Reducing Sequence‑of‑Returns Risk 00:31:21 Risks to Social Security Benefits 00:33:17 Advisor-Client Dynamics in Retirement Planning 00:38:03 Retirement Planning Books and Podcasts Retirement Resources Mentioned Your Retirement Sketchbook Retirement Planning Guidebook Safety-First Retirement Planning Ikigai: The Japanese Secret to a Long and Happy Life Retiring Minds Podcast More From Morningstar Retirement Withdrawal Sequencing Rules of the Road Here’s How You Can Spend More During Retirement Jamie Hopkins: A Framework for Financial Freedom If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is David Bach. David is the author of 12 national bestselling books, including The Latte Factor; Smart Women Finish Rich; Start Late, Finish Rich; and The Automatic Millionaire. He just released the 20th anniversary edition of The Automatic Millionaire. David was a longtime contributor to NBC’s Today show and a featured guest on the Oprah Winfrey Show. He also produced and hosted two public television specials, Smart Women Finish Rich and The Automatic Millionaire. David started his career at Morgan Stanley where he was a senior vice president and partner of The Bach Group. Episode Highlights 00:00:00 Moving Abroad, Early Retirement, and the Shifting Media Landscape 00:11:46 The Importance of Sabbaticals and Health Expectancy 00:19:39 Saving to Spending, New Tax on IRA Withdrawals, and Long-Term Effect of Deficits 00:34:39 Key Updates to The Automatic Millionaire and Automatic Contributions 00:37:59 Why Everyone Needs Access to Being an Investor 00:42:02 How to Start Investing Young and How to Catch Up Later in Life 00:47:26 How Inflation Affects Retirement Goals and The Benefits of Homeownership More From Morningstar 6 Lessons From My 6-Week Mini-Retirement The Best Strategies for Consistent Retirement Spending 7 Steps to Estimating Your In-Retirement Cash Flow Needs If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today’s guest on The Long View is Hilary Wiek. Hilary is a principal analyst at PitchBook, where she leads PitchBook’s coverage of fund strategies and performance, publishing primary research on the alternative space. Hilary also leads PitchBook’s coverage of the ESG and impact investing space. Hilary has over 20 years of experience in asset owner, manager, and advisory roles. Prior to joining PitchBook, she was the director of investments at the Saint Paul & Minnesota Foundations, where she handled portfolio management, impact and ESG investment, investment due diligence and monitoring, and investment operations. Before that, she worked in senior positions at Segal Rogerscasey, the South Carolina Retirement Systems Investment Commission, Buckingham Financial Group, Dayton Power & Light, and KeyCorp. Wiek received a master’s degree in finance and economics from Case Western Reserve University and a bachelor’s degree in business leadership and finance from the University of Puget Sound. She is based in PitchBook’s Seattle office. PitchBook is a Morningstar company. Episode Highlights 00:00:00 Background in the Private Markets and Joining PitchBook 00:04:49 Drivers of Private Market Slowdown in 2026 and Pockets of Outperformance 00:14:15 Key Lessons for Investing in Private Market Funds 00:18:12 Private Market Fees, Hidden Volatility, and Valuations 00:20:38 Evergreen Investment Growth, Interval Funds, and Questions Investors Should Ask 00:32:26 Is It Worth It to Invest in Private Markets? 00:36:50 ESG, Impacting Investing, and Key Themes for 2026 00:41:05 Private Market Exposure in 401(k)s PitchBook Reports Discussed Benchmarking and Returns: Why Are There So Many Numbers? Evergreen Funds: We Have Questions The Evergreen Evolution The New Face of Private Markets in Your 401(k) US Evergreen Fund Landscape 2025 Impact Investing Update If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances. If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 O’Shaughnessy. Jim founded O’Shaughnessy Asset Management, a quantitative investment management firm in 1993. Franklin Templeton acquired the firm in 2021. Jim is also an author of several books, including Invest Like the Best and What Works on Wall Street. His latest book, Two Thoughts: A Timeless Collection of Infinite Wisdom, is a compilation of quotations from famous artists, writers and thinkers. Jim also hosts his own podcast called Infinite Loops. In addition, Jim is the founder and CEO of O’Shaughnessy Ventures, which provides financial backing and other support to individuals and projects.Episode Highlights00:00:00 Building a New Way to Analyze the Stock Market00:07:18 How Stock Brokers Sold Stories Before Quants00:12:19 Stock Price vs. Narrative and How Quants Avoid Stock Investing Pitfalls00:20:05 Long-Term Investing, Bonds, and Keeping Emotions Out of Your Portfolio00:29:50 Pre-Seed Investments, Finding the Right Founders, and Valuations Today00:40:08 The Making of Two Thoughts: A Timeless Collection of Infinite Wisdom00:47:29 Voices on the Infinite Loops Podcast00:53:12 “Statis is Death” and Lifelong LearningMore From The Long ViewNick Maggiulli: Climbing the Wealth LadderLawrence Lam: ‘The Types of Companies That Attract Me Are Founder-Led and Profitable’More From MorningstarHow to Determine What a Stock Is WorthHow to Build a Portfolio to Reach Your Financial Goals5 Ways Emotions Sabotage Your Investment SuccessFOMO Can Lead to Lower Returns. Don’t Fall For ItIf you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today’s guest on The Long View is Sara Devereux. Sara is the Chief Investment Officer of Vanguard Capital Management and Global Head of Fixed Income. She oversees the investment professionals responsible for portfolio management, trading, and research for Vanguard’s internally managed fixed-income funds and ETFs, including actively managed bond and money market portfolios and bond index portfolios. Before joining Vanguard in 2019, Sara was a partner at Goldman Sachs, where she spent over 20 years in mortgage-backed securities and structured products trading and sales. Earlier in her career, she worked at HSBC, in risk management advisory and interest rate derivative structuring. She started her career as an actuary at AXA Equitable Life Insurance. Barron has named Sara to its annual list of the 100 Most Influential Women in US Finance every year since 2022.Episode Highlights00:00:00 Vanguard’s Investing Philosophy and New Innovations00:06:20 Active Fixed-Income Strategy and the Alpha Waterfall00:13:34 ETF’s Explosion, Active Management, and Private Credit Risk00:23:10 How Technology Is Reshaping the Bond Market00:29:51 Bond Market Performance 2025, Bonds as Ballasts, and Term Premiums00:37:27 Bond Market Risks in 202600:42:51 Shifting Policy Crosswinds, Cracks in Credit, and AI Capex Risks00:50:18 Technical Signals to Watch in 2026Books MentionedStay the Course: The Story of Vanguard and the Index RevolutionMore From MorningstarVanguard’s Sara Devereux: Why It’s a ‘Terrific Environment’ for Bond IncomeSalim Ramji: The Industry Uses Complexity As a Mask to Charge MoreMorningstar’s Guide to Fixed-Income InvestingIf you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Sally Balch Hurme. Sally is the author of Checklist for My Family: A Guide to My History, Financial Plans and Final Wishes, as well as several other books. She worked at AARP for 23 years and has written more than 20 law review articles on topics related to elder law. She has also served on the boards of the National Guardianship Association and the Center for Guardianship Certification, where she helped develop standards for guardians and reform guardianship policies and procedures. Before moving to AARP, she was a partner in a private law firm and held several other legal roles. She also served as an adjunct professor at the George Washington University Law School, teaching elder law for eight years. She received her BA from Tulane University and her JD cum laude from the Washington College of Law at American University.Episode Highlights00:00:00 Working at the American Bar Association, AARP, and as a Caregiver00:06:15 How to Get Started in Eldercare Planning00:08:15 Final Wishes, Finding Your Roots, and Key Documents00:26:31 Designated Beneficiaries and Medication Tracking00:33:38 Home Deeds and The Power in Power of Attorney00:39:48 Cleaning Up Digital Assets Sally Hurme BooksChecklist for My Family: A Guide to My History, Financial Plans and Final WishesThe ABA/AARP Checklist for Family Caregivers: A Guide to Making It ManageableMore From MorningstarBeth Pinsker: Lessons From ‘My Mother’s Money’Inherited IRAs: What to Know About Taxes, RMDs, and MoreHow to Tackle Estate-Planning Basics in 7 StepsIf you have a comment or a guest idea, please email us at TheLongView@Morningstar.com.Follow Christine Benz (@christine_benz) and Ben Johnson (@MstarBenJohnson) on X, and Christine Benz, Amy Arnott, and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine, Ben, and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances.If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights. 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 Leyla Kunimoto. Leyla is the founder and editor of Accredited Investor Insights, a newsletter that helps investors navigate private markets. She writes about private equity, private credit, and real estate, focusing on the practical realities of evaluating alternative investments from the limited partner perspective. Leyla began investing in public markets in 2001 and expanded into private markets in 2020, with current holdings spanning public equities, real estate, and alternatives. She started her career in finance and management consulting after graduating from the University of Washington. She also worked in advisory services at a Big Four accounting firm.BackgroundLeyla KunimotoAccredited Investor InsightsPrivate Equity, Private Credit, and Private Real Estate“Inside the Black Box: What First Brands Teaches Us About CLO Risk,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 2, 2025“Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It," by Alexander Saeedy, WSJ.com, July 13, 2025“PIK Is Whispering. Are You Listening?” by Leyla Kunimoto, AccreditedInsight.com, June 12, 2025.“Private Credit Interval Fund,” by Leyla Kunimoto, AccreditedInsight.com, Aug. 24, 2025.“Non-Traded BDC Meets Mr. Market,” by Leyla Kunimoto, AccreditedInsight.com, Nov. 20, 2025“The Problem With PME,” by Leyla Kunimoto, AccreditedInsight.com, Oct. 9, 2025.“Private Equity 101: What Every LP Should Know,” by Leyla Kunimoto, AccreditedInsight.com, July 31, 2025.“Private Markets in 2026: What Changes, What Sticks,” by Leyla Kunimoto, AccreditedInsight.com, Dec. 28, 2025.“It’s NAV … Until You Want Liquidity,” by Leyla Kunimoto, AccreditedInsight.com, Jan. 8, 2026.“Why Vanguard, Champion of Low-Fee Investing, Joined the ‘Private Markets’ Craze,” by Matt Wirz and Anne Tergesen, WSJ.com, July 2, 2025“The Golden Doodle of Private Markets: Evergreen Secondaries” by Leyla Kunimoto, AccreditedInsight.com, Oct. 30, 2025.Books MentionedRich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert KiyosakiThe Intelligent Investor: The Definitive Book on Value Investing, by Benjamin GrahamMastering The Market Cycle: Getting the Odds on Your Side, by Howard Marks Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests on the podcast today are Cody Garrett and Sean Mullaney. They’re both advice-only financial planners, and they’re the co-authors of a new book called Tax Planning To and Through Early Retirement. Cody is a certified financial planner and the founder of Measure Twice Money, where he helped DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners, which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax. He also writes the blog, FITaxGuy.com, which is focused on the intersection between financial independence and taxes.BackgroundSean MullaneyCody GarrettMeasure Twice MoneyMeasure Twice FinancialMeasure Twice PlannersMullaney Financial & TaxFITaxGuy.comTax Planning and Early RetirementTax Planning To and Through Early Retirement, by Cody Garrett and Sean Mullaney“The Backdoor Roth IRA After an Excess Contribution to a Roth IRA,” Sean Mullaney, FITaxGuy.com, Dec 16, 2025“Why I Don’t Worry Much About Sequence of Returns Risk,” Sean Mullaney, FITaxGuy.com, Jun 10, 2025“The Tax Planning World Has Changed,” by Sean Mullaney, FITaxGuy.com, Sep. 22, 2025“Bogleheads on Investing® with Cody Garrett, CFP®, and Sean Mullaney, CPA on tax planning to and through retirement: Episode 89″ by Bogleheads on Investing® podcast, BogleCenter.net, Dec. 7, 2025“Managing Taxes in Retirement with Sean Mullaney,” by the White Coat Investor Podcast, WhiteCoatInvestor.com, Nov 20, 2025.Die With Zero: Getting All You Can from Your Money and Your Life―A Revolutionary Approach to Maximizing Life Experiences Over Accumulating Wealth, by Bill Perkins“Reframing Risk In Retirement As “Over- And Under-Spending” To Better Communicate Decisions To Clients, And Finding “Best Guess” Spending Level,” by Michael Kitces, Kitces.com, Apr. 24 2024.More on Early Retirement and FIRE“My Baptism by FIRE: Lessons on Financial Independence,” by Christine Benz, Morningstar.com, May 29, 2025.“Aiming to ‘Die with Zero’? Here Are the Implications for Portfolio Construction and Retirement Spending,” by Jess Bebel, Morningstar.com, Apri. 6, 2025"Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals," The Long View podcast, Morningstar.com, Feb. 21, 2023 Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

BackgroundBioArticles and Papers Discussed“The Theory Behind the Age-Related Positivity Effect,” Andrew Reed and Laura Carstensen, NIH.gov, Sept. 27, 2012.“Investing Without Blind Spots,” Better Vantage podcast, Nov. 12, 2025.“Out of Sight, Out of Market: The IRA Cash Drag,” by Andy Reed et al., Vanguard.com, Sept. 5, 2024.“Advisors and Investors Split on Inflation, Bond Views,” by Xiao Xu and Andy Reed, Vanguard.com, Sept. 12, 2025.“Stress, Debt, and the Power of Planning,” by Anna Madamba and Andy Reed, Vanguard.com, April 9, 2025“Improving Retirement Outcomes by Default: The Case for an IRA QDIA,” by Andy Reed, et al., Vanguard.com, July 2024."Maximizing versus Satisficing: Happiness Is a Matter of Choice," by Barry Schwartz, Andrew Ward, et al., NIH.gov, November 2002.“The Ostrich Effect: Selective Attention to Information,” George Loewenstein and Duane Seppi, CMU.edu, Feb. 11, 2009.“Inside the Minds of Equity Income Fund Investors,” Sharon Hill and Paulo Costa, Vanguard.com, Aug. 26, 2025.“Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” Brad Barber and Terrance Odean, Berkeley.edu, April 2000.Books DiscussedThe Paradox of Choice: Why More Is Less, by Barry SchwartzNudge: Improving Decisions About Health, Wealth, and Happiness, by Richard Thaler and Cass SunsteinThe Elements of Choice: Why the Way We Decide Matters, by Eric JohnsonOther“Was Bogle’s Princeton Thesis Eerily Prescient?” by Jess Bebel, Morningstar.com, May 27, 2022. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on the podcast we welcome back Cullen Roche. He has a new book out called Your Perfect Portfolio: The Ultimate Guide to Using the World’s Most Powerful Investment Strategies. Cullen is also the founder and chief investment officer of Discipline Funds, and he heads up Orcam Group, a registered investment advisory firm he established in 2012. Cullen started his career as an advisor at Merrill Lynch and worked at an event-driven hedge fund before starting his RIA firm. He received his bachelor’s degree in finance from Georgetown University’s McDonough School of Business. Cullen, welcome back to The Long View.BackgroundBioDiscipline FundsYour Perfect Portfolio: The Ultimate Guide to Using the World’s Most Powerful Investment StrategiesPragmatic Capitalism: What Every Investor Needs to Know About Money and FinanceArtificial Intelligence, Bubbles, Bonds, and Rate Cuts“Three Things—Weekend Reading,” by Cullen Roche, disciplinefunds.com, Oct. 11, 2025.“Three Things—Bubbles, Paradoxes & QE,” by Cullen Roche, disciplinefunds.com, Dec. 12, 2025.“Three Things—Gold, Cuts and Divorces,” by Cullen Roche, disciplinefunds.com, Sept. 19, 2025.“Three Things—Where Did the Integrity Go?” by Cullen Roche, disciplinefunds.com, Aug. 21, 2025.“Bonds: It’s Still Time to Chill (For a Little Longer Though),” by Cullen Roche, disciplinefunds.com, May 22, 2025.OtherDiscipline Funds’ Tariff Tracker“Cullen Roche: What Tariffs Mean for Your Portfolio,” The Long View podcast, Morningstar.com, April 22, 2025.Bill BernsteinTaylor Larimore“The Case for a ‘Good Enough’ Portfolio,” by Christine Benz, Morningstar.com, Oct. 27, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. On this week’s episode, we will feature some of our favorite clips from interviews we have done with financial planners, advisors, and retirement researchers over the past year. It’s a counterpart to a previously released “Best Of” episode that was all about investing. As usual, we delved into the topic of psychology and money, and the importance of tuning out the noise if you’re a long-term investor.“JL Collins: The (Still) Simple Path to Wealth,” The Long View podcast, Morningstar.com, July 1, 2025.“Charley Ellis: Indexing Is a Marvelous Gift,” The Long View podcast, Morningstar.com, Aug. 5, 2025.“Larry Jacobson: ‘The Good Things in Our Life Are What Get in the Way of Great Things,’” The Long View podcast, Morningstar.com, Sept. 16, 2025.“Dan Haylett: ‘The Retirement You Didn’t See Coming,’” The Long View podcast, Morningstar.com, Nov. 18, 2025.“Kerry Hannon: What Gen Xers Need to Know About Their Retirement Plans,” The Long View podcast, Morningstar.com, Sept. 30, 2025.“Carl Richards: The Case for ‘Deeply Human’ Financial Advice,” The Long View podcast, Morningstar.com, Oct. 21, 2025.“Dana Anspach and Fritz Gilbert: ‘This Is What a Joyful Retirement Could Feel Like,’” The Long View podcast, Morningstar.com, Sept. 23, 2025.“Barry Ritholtz: ‘How Not to Invest,’” The Long View podcast, Morningstar.com, Oct. 7, 2025.“Nick Maggiulli: Climbing the Wealth Ladder,” The Long View podcast, Morningstar.com, July 22, 2025.“Doug and Heather Boneparth: How Couples Can Find Financial Harmony,” The Long View podcast, Morningstar.com, Oct. 28, 2025.“Ramit Sethi: ‘We Have to Make Money Fun and Connective,’” The Long View podcast, Morningstar.com, March 4, 2025.“Beth Pinsker: Lessons From ‘My Mother’s Money,’” The Long View podcast, Morningstar.com, Nov. 4, 2025.“Jean Chatzky: What Women Need to Do Differently With Their Money,” The Long View podcast, Morningstar.com, April 8, 2025.“Sahil Bloom: ‘Curiosity Is the Fountain of Youth,’” The Long View podcast, Morningstar.com, Feb. 4, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi, and welcome to The Long View. I’m Dan Lefkovitz, strategist for Morningstar Indexes. In this episode, we’ll share some of our favorite clips from 2025 interviews with portfolio managers, economists, and investment researchers. It’s a companion to Christine Benz’s “Best Of” episode featuring highlights from conversations with financial planners, advisors, and retirement researchers. We’ll begin with some prescient words from Hendrik du Toit, co-founder of global investment manager, Ninety One, who spoke to Christine Benz and me at the start of the year from Cape Town, South Africa. Hendrik talked about the appeal of emerging-markets investments, both debt and equity, asset classes that went on to have good years in 2025.“Hendrik du Toit: ‘Small Things Can Make a Big Difference,’” The Long View podcast, Morningstar.com, Jan. 21, 2025.“Cliff Asness: ‘The Problem Was Never Beta. The Problem Was Paying Alpha Fees for Beta,’” The Long View podcast, Morningstar.com, July 29, 2025.“Vincent Montemaggiore: ‘The Two Best Defenses Against Tariffs Are a High-Gross Profit Margin and Pricing Power,’” The Long View podcast, Morningstar.com, April 15, 2025.“Louis-Vincent Gave: ‘The Future Is Being Built Over There,’” The Long View podcast, Morningstar.com, Feb. 25, 2025.“Jason Zweig: Revisiting ‘The Intelligent Investor,’” The Long View podcast, Morningstar.com, May 27, 2025.“Mike Pyle: Looking for Uncorrelated Sources of Return,” The Long View podcast, Morningstar.com, Oct. 14, 2025.“Neal Shearing: The World Isn’t Deglobalizing; It’s Fracturing,” The Long View podcast, Morningstar.com, Aug. 26, 2025.“Sudarshan Murthy: ‘These Countries Are in Much Better Shape Than They Were 10 Years Back,’” The Long View podcast, Morningstar.com, March 25, 2025.“Joe Davis: How to Capitalize on ‘Megatrends,’” The Long View podcast, Morningstar.com, Sept. 2, 2025.“Callie Cox: A Student Teacher of Financial Markets,” The Long View podcast, Morningstar.com, Nov. 11, 2025.“Brian Selmo: ‘Winning by Not Losing,’” The Long View podcast, Morningstar.com, July 15, 2025.“Daniel Rasmussen: ‘Be Very Wary of Illiquid Asset Classes,’” The Long View podcast, Morningstar.com, May 6, 2025.“Eric Jacobson: The Entire Face of the Bond Market Has Changed,” The Long View podcast, Morningstar.com, Nov. 25, 2025.“Barry Ritholtz: ‘How Not to Invest,’” The Long View podcast, Morningstar.com, Oct. 7, 2025.“John Rekenthaler: ‘The House Is With You When You’re Investing,’” The Long View podcast, Morningstar.com, Jan. 28, 2025. 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 Lyle Fitterer, a senior portfolio manager and co-lead on the municipal bond sector for Baird Advisors. He has 36 years of experience managing bond portfolios. Prior to joining Baird in 2019, he served as the co-head of global fixed income and the head of the municipal fixed income team as Wells Fargo Asset Management. Lyle obtained his undergraduate degree in accounting from the University of North Dakota. He earned the chartered financial analyst designation in 1996 and is currently a member of the CFA Institute and the CFA Society of Milwaukee.BackgroundBioBaird Short-Term Municipal Bond Fund BTMIXBaird Strategic Municipal Bond Fund BSNIXBaird Quality Intermediate Municipal Bond Fund BMBIXBaird Core Intermediate Municipal Bond Fund BMNIXBaird Municipal Bond Fund BMQIXMuni-Bond Funds“The New Allure of Muni Bond Funds. Two Pros Point the Way,” by Debbie Carlson, barrons.com, Aug. 21, 2025.“Fitterer: Muni Bond Market Offers Compelling Opportunities,” Podcast with Chuck Jaffe, bairdassetmanagement.com, July 29, 2025.“Muni Bonds Aren’t Just for Rich Folks,” by Jeff Schlegel, fa-mag.com, Nov. 1, 2024.“Muni Bonds Are Looking Better,” by Elizabeth Foos, Morningstar.com, Oct. 28, 2025.OtherVanguard Tax-Exempt Bond Index Fund ETF Shares VTEBVanguard Tax-Exempt Bond Index Fund Admiral Shares VTEAX“In Wreckage of Muni Market Crash, Brave Investors Eye Bonds at 90% Yields,” by Amanda Albright, advisorperspectives.com, March 25, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Joy Loverde. Joy is the author of Who Will Take Care Of Me When I’m Old? and The Complete Eldercare Planner. She also gives keynotes and workshops on aging and eldercare to many different types of organizations. In addition, she serves as a consultant to senior housing providers, HR professionals, attorneys, financial planners, clergy, and other members of the eldercare industry. She has also been a family caregiver to family and friends.BackgroundBioWho Will Take Care of Me When I’m Old? Plan Now to Safeguard Your Health and Happiness in Old AgeThe Complete Eldercare Planner, Revised and Updated 4th Edition: Where to Start, Which Questions to Ask, and How to Find HelpEldercare“'Aging in Place Has a Shelf Life’: What This Eldercare Expert Wants You to Know,” by Beth Pinsker, marketwatch.com, Oct. 28, 2023.“Preparing Solo Agers to Receive Long-Term Care,” by Joy Loverde, generations.asaging.org, June 21, 2023.“How to Manage Sibling Conflict Over Care of Elderly Parents,” by Elaine K. Howley, health.usnews.com, Feb. 5, 2025.“Going Solo: How to Plan for Retirement When You’re on Your Own,” by Diane Harris, nytimes.com, July 20, 2025.“Create a Life of Independence and Connection in Later Years,” seattletimes.com, June 30, 2025.OtherMy Mother’s Money: A Guide to Financial Caregiving, by Beth Pinsker“Beth Pinsker: Lessons From ‘My Mother’s Money,’” The Long View podcast, Morningstar.com, Nov. 4, 2025. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Mark Higgins. Mark serves as senior vice president for IFA Institutional, where he specializes in providing advisory services to institutional plans such as endowments, foundations, pension plans, defined-contribution plans, and various corporate plans. He’s the author of Investing in US Financial History: Understanding the Past to Forecast the Future. Mark graduated from Georgetown University, Phi Beta Kappa, and Magna Cum Laude with a bachelor’s degree in English and psychology. He received an MBA from the Darden School of Business at the University of Virginia. He is a CFA Charterholder and CFP professional. Mark, welcome to The Long View.BackgroundBioInvesting in US Financial History: Understanding the Past to Forecast the FutureMuseum of American FinanceArticles and Papers Discussed“The Story of Hetty Green: America’s First Value Investor and Financial Grandmaster,” by Mark Higgins, ssrn.com, March 11, 2022.“Rediscovering an American Treasure: The True Value of Hetty Green’s Legacy,” by Mark Higgins and Bethany Bengtson, researchgate.net, February 2025.“Investors Can Temper Their Inflation Fears: Post-Covid Inflation Is Unlikely to Resemble the Great Inflation of 1968-1982,” by Mark Higgins, papers.ssrn.com, Aug. 15, 2021.“The Phantom Menace: Inflated Expectations,” by Mark Higgins, finhistory.substack.com, Sept. 26, 2023.“Six Stages of Asset Bubbles: The Crypto Crash,” by Mark Higgins, businesstimes.com, Jan. 24, 2023.Other“Origins of the Great Inflation,” by Allan Meltzer, fedinprint.org, 2005.“The Anguish of Central Banking,” Lecture by Arthur F. Burns, perjacobsson.org, Sept. 30, 1979.Charles E. Merrill“A Rediscovered Masterpiece by Benjamin Graham,” by Jason Zweig, jasonzweig.com, March 31, 2015.“Portraits in Oversight: Ferdinand Pecora and the 1929 Stock Market Crash,” levin-center.org.Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David Swensen“Private Equity Confronts Swollen Investment Backlogs With Dealmaking Stuck,” by Maria Armental, wsj.com, June 2, 2025.“The Future Ain’t What It Used to Be for These Funds,” by Jason Zweig, wsj.com, June 6, 2025.The Great Inflation and Its Aftermath: The Past and Future of American Affluence, by Robert SamuelsonThe Big Board: A History of the New York Stock Market, by Robert Sobel Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on The Long View, we’re featuring an episode from another Morningstar podcast, The Morning Filter, which you can subscribe to on Apple podcasts or wherever you get your podcasts. In this special episode of The Morning Filter podcast, co-host Susan Dziubinski sits down with Morningstar columnist Dan Lefkovitz to take a deep dive into dividend stock investing today. They discuss what’s caused U.S. dividend stocks to lag this year while international dividend stocks have outperformed. Tune in to find out why the stock buyback boom is bad news for dividend seekers and what metrics investors should look at if they want to avoid dividend cuts.They name drop a few undervalued stocks that Morningstar thinks have stable dividends, cover why dividend growth stock investing is underappreciated, and close with a discussion about whether dividend stocks are poised to outperform in 2026. Episode Highlights Dividend Stock Performance: 2025 RecapWhat the Buyback Boom Means for Dividend Investors3 Ways to Spot a Dividend Cut EarlyDividend Growth Stocks: Why Bother? Read about topics from this episode. Stock Buybacks Are Booming in 2025. That’s Bad News for Dividend InvestorsThe Surprising Truth About Dividend Growth StocksNot All Dividend Stocks Are Safe. Here’s How to Avoid Dividend TrapsWhy International Dividend Stocks Have Pulled Ahead Got a question for Dave? Send it to themorningfilter@morningstar.com. Follow Dave on social media.Dave Sekera on X: @MstarMarketsDave Sekera on LinkedIn: https://www.linkedin.com/in/davesekera Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.