The Long Term Investor

Ready to hire an advisor? Whether it’s for retirement planning, proactive tax planning, or navigating complex financial decisions, see how our team at Placorp can help. Schedule a call with Peter now. -----  What’s it really like to cover the RIA and wealth management industry from the inside?  In this episode, I talk with Ian Wenik, Editor at Citywire RIA, about his journey from sports writing to financial journalism, the challenges of running a newsroom, and the trends shaping the future of RIAs. Listen now and learn: ► How Ian went from aspiring sportswriter to covering M&A and valuations in the RIA industry ► What a day in the life of a wealth management journalist actually looks like ► Why private equity, consolidation, and IPOs are reshaping the advisory landscape ► Red flags to watch for when consuming financial news — and how to spot AI-generated “slop”   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. [02:30] From sports writing to covering RIAs [05:39] First impressions of wealth management [06:44] Running the newsroom at Citywire [08:09] Balancing breaking news and investigative features [09:47] How Citywire finds and protects sources [12:10] The evolution of RIAs since 2018 [13:51] The future of M&A and RIA valuations [22:27] What content resonates most with advisors [26:40] Where wealth management journalism is headed [30:04] How to read financial news critically   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Municipal bonds can be a powerful tool for high-income investors, but only when used thoughtfully. In this episode, I explain how to evaluate muni bonds with tax-equivalent yield, the difference between general obligation and revenue bonds, and why I avoid state-specific and high-yield issues. I also share Plancorp’s implementation approach and give a market outlook on why munis remain attractive for retirement portfolios today. Listen now and learn: ► How to tell if municipal bonds make sense for your portfolio ► The key differences between types of muni bonds and what those differences mean for long-term investors ► Why not all muni strategies are created equal—and the hidden risks to watch out for. ► How to think about munis in today’s market environment and why their role extends beyond just tax-free income.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠) Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Get updates for my new book: https://Theperfectportfoliobook.com  -----  AI has fueled massive gains for Big Tech, but can one sector really carry the market forever?  In this episode, I’m joined by Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, to explore the tension between Wall Street’s AI-fueled optimism and the realities of a slowing economy. We discuss what history teaches us about dominant companies, how to spot the difference between hype and durable innovation, and what long-term investors should really be watching. Listen now and learn: ► Why “the stock market is not the economy” — and why that matters in today’s AI-driven rally. ► How concentrated earnings growth in tech creates both opportunity and risk. ► What history (GE, dot-coms) tells us about the limits of dominant companies. ► Which sectors beyond Big Tech could quietly benefit from AI adoption.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. (02:22) AI optimism vs. a shaky economic backdrop (05:59) Can tech alone carry market earnings growth? (09:37) Dreaming vs. reality in AI investing (15:36) Lessons from GE and what they mean for Big Tech (19:29) Who really benefits from AI adoption? (21:53) The risks of concentration in the Magnificent 7 (24:51) Balancing story vs. evidence as a long-term investor (29:15) Early signs of real AI adoption and productivity gains (32:04) Everyday use cases of AI in real life Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Check out the best podcast show notes on the internet at www.thelongterminvestor.com  -----  Mutual funds, ETFs, and SMAs all give you access to the market — but the way they handle taxes, costs, and control can lead to very different outcomes. In this episode, I break down how each vehicle works, where it shines, and when it falls short. If you’ve ever wondered which is best for your portfolio, this is the episode you’ll want to hear. Listen now and learn: ► Why mutual funds can leave you paying for other investors’ decisions — and how ETFs and SMAs solve that problem. ► The key differences between mutual funds, ETFs, and SMAs in terms of tax efficiency, cost, and customization. ► When an SMA makes sense (and when it doesn’t) — including how tax-loss harvesting at the stock level creates “tax alpha.” ► The future of investing vehicles: why ETFs dominate flows, how SMAs are growing, and why mutual funds still matter in retirement plans. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Not all financial advisors are created equal. Before you hire one, make sure you’re asking the right questions. Use my structured interview worksheet to compare advisors and avoid costly mistakes. Get it free.     Vanguard’s Advisor’s Alpha framework just turned 25—and few people know its impact better than Fran Kinniry, the study’s original architect. In this episode, we explore how Advisor’s Alpha reshaped the value of financial advice, why its lessons are more relevant than ever, and what it means for investors today. Listen now and learn: ► The hidden costs that quietly erode portfolio returns ► Why after-tax wealth matters more than pre-tax gains ► How advisors act as “behavioral circuit breakers” in volatile markets ► The overlooked complexity of turning a portfolio into retirement income   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   (02:30) The Origins of Advisor’s Alpha  (05:00) Three Transformative Shifts in Financial Advice (15:00) Investment Selection and Market Cap Awareness  (22:00) The Complexity of Retirement Income Planning (26:00) Total Return vs. Income-Only Investing  (29:00) Why Professional Financial Advice Still Matters (33:00) Closing Thoughts    Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Get updates for my new book: https://Theperfectportfoliobook.com  -----  Recently, I joined Jesse Cramer on The Best Interest Podcast for a conversation on volatility, investor behavior, and how to avoid overreacting to headlines. We unpack why market noise can distort long-term plans and what to do when your risk tolerance feels misaligned with your portfolio. Listen now to learn: ► Why volatility is a feature—not a bug—of long-term investing ► What to do if market drops reveal your portfolio isn’t right for you ► How global diversification helps even when it feels like a drag ► How narratives—not just numbers—drive poor investing decisions Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Get updates for my new book: https://Theperfectportfoliobook.com  -----  Dan Rasmussen, author of The Humble Investor, joins me to unpack the overlooked superpower of humility in investing. We discuss why market forecasts often go wrong, how overconfidence fuels financial mistakes, and where conventional wisdom can lead investors astray. Dan also reveals the hidden risks in popular private market strategies. Listen now and learn: ► Why humility can help investors navigate market volatility. ► The misunderstood truth behind value investing.  ► The risks investors overlook in emerging markets. ► What most people get wrong about private equity and private credit.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   (02:46) Why We Misread the Future: Forecasting, Volatility, and the Illusion of Precision (09:06) How Humility Improves Investment Models and Decision-Making  (13:39) The Real Reason Value Investing Works—And When It Doesn’t (19:25) Why Value Investing Struggled in the U.S. But Not Abroad  (24:29) The Case for Geographic Diversification and Caution on Emerging Markets (30:46) The Risks of Overallocating to Private Equity  (36:14) The Danger Behind Private Credit’s Appeal   Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) -----  Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

See exactly how I invest my own money. I break down my asset allocation, cash reserves, and why I keep my portfolio simple. Download the guide now. ----- I recently joined the 20/20 Money podcast to explore Opportunity Zones—investment vehicles known for their attractive tax benefits, but often misunderstood risks. As we dissect several real-world scenarios, I share a concept from my upcoming book, The Perfect Portfolio, that offers listeners a practical tool to evaluate any tax-driven investment decision.   Listen now to learn:   ► How Opportunity Zones work—and why their tax benefits come with high risk ► Why implementing a bad investment idea is often worse than missing out on a good one ► A practical example illustrating when a tax-driven investment opportunity makes sense (and when it doesn’t) ► A sneak preview of a key decision-making concept from The Perfect Portfolio   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.  Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com) -----  Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Most financial mistakes happen because people don’t see the full picture. My Net Worth Worksheet helps you track everything in one place—so you stay informed. Get it now. -----  In this episode, Nick Maggiulli, author of the acclaimed finance blog Of Dollars and Data, joins me to unpack his groundbreaking new book, The Wealth Ladder. We dive into fresh insights on how your financial strategy should evolve as you climb from one wealth level to the next. Nick reveals eye-opening rules and practical frameworks to help you spend, save, and invest smarter, no matter your current financial position. Listen now and learn: ► A powerful, easy-to-apply rule that can simplify everyday spending decisions. ► How to clearly identify your current wealth level—and what actions might help you reach the next one. ► Surprising data insights about asset allocation at different stages of wealth. ► Why income, rather than budgeting alone, can be the most influential driver of financial progress.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   (02:00) Understanding the Wealth Ladder and Its Origin (04:21) Introducing the 0.01% Rule: A Game-Changer for Spending Decisions  (06:14) Explaining the Six Levels of the Wealth Ladder (11:30) Considering Liquid vs. Total Net Worth for Practical Spending (13:13) Why Focusing on Income is Crucial in Personal Finance (17:19) Insights from the Financial Makeup of Different Wealth Levels (21:01) What Actually Helps Climb the Wealth Ladder (24:03) The Relationship Between Money and Happiness   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Sign up here to receive Peter’s quarterly market webinar. -----  In this episode, we explore one of 2025’s most surprising financial trends: the significant decline of the U.S. dollar and the remarkable outperformance of international equities. Join host Peter Lazaroff as he breaks down exactly why the dollar weakened, how currency fluctuations directly impact your investment returns, and what this means for your long-term investment strategy.   Listen now and learn: ►Understand how currency movements impact your portfolio ► Learn why analyst predictions about the dollar missed the mark ► Discover the economic trends influencing currency values in 2025 ► Identify opportunities to diversify your investment portfolio   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Access my  recorded quarterly webinar by signing up for my newsletter. Get an inside look at what’s shaping my thinking, plus see what I’ve been reading about investing and financial planning. -----  In this midyear update, Peter reviews the key trends shaping markets, politics, and the global economy in 2025. He covers market volatility sparked by tariff announcements, explains why international stocks are leading the charge this year, and provides a deep dive into opportunities within corporate and municipal bond markets. Listen to learn: ► Why U.S. markets experienced dramatic swings—and what it means for investors. ► How international diversification has benefited portfolios in 2025. ► Key insights into corporate and municipal bonds in a shifting economic landscape. ► Actionable takeaways to help you stay disciplined and focused on your long-term investment plan. Tune in to better understand the forces influencing your investments and how to confidently navigate the second half of 2025.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Help vote on book cover concepts, sign up now: https://Theperfectportfoliobook.com  -----  What can the past teach us about today’s ever-changing, volatile market?   In this episode, Peter shares five timeless investing lessons drawn from market history—insights that are just as relevant today as ever. Adapted from a chapter in his upcoming book, The Perfect Portfolio, these lessons offer a clear, grounded perspective to help investors navigate uncertainty with greater confidence.   Listen now and learn: ► Why market cycles of boom and bust repeat (and how to recognize them) ► What history teaches us about chasing overpriced assets ► Why short-term volatility is the cost of long-term growth    Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. ----- Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Get updates for my new book: https://Theperfectportfoliobook.com  In this engaging episode, Barry Ritholtz—author of the influential Big Picture blog, host of the renowned Masters in Business podcast, and author of the new book How Not to Invest—shares invaluable insights into making smarter investment decisions. Barry challenges common financial myths, explores why we’re drawn to faulty financial forecasts, and highlights red flags in popular financial advice. Listen now and learn: ► The pitfalls of relying on financial predictions and forecasts. ► How sensational headlines distort investor perceptions ► The importance of humility and skepticism in interpreting advice from financial celebrities and billionaires ► Practical strategies for identifying and mitigating emotional behavioral biases in investing Don’t miss Barry’s engaging anecdotes and actionable advice designed to help you avoid common investing pitfalls. Detailed show notes and resources are available at www.thelongterminvestor.com. (02:50) Developing an Investment Philosophy (04:40) Why We Gravitate Towards Financial Predictions (10:15) Warning Signs of Harmful Financial Advice (13:00) Interpreting Advice from Billionaires (18:30) The Power of Saying “I Don’t Know” (24:45) Inversion as an Investment Strategy (28:50) Practical Ways to Control Emotional Investing (35:40) Denominator Blindness in Investing (41:30) When to Seek Professional Advice Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Get updates for my new book: https://Theperfectportfoliobook.com  -----  Is there such a thing as a perfect portfolio?    In this short solo episode, Peter Lazaroff shares exciting news—his next book, The Perfect Portfolio, is coming in late 2026. Peter offers a behind-the-scenes look at what inspired the book, how it builds on timeless investing lessons, and why it’s designed to help you build a strategy you can actually stick with.   Get early access to exclusive content, excerpts, and updates at ThePerfectPortfolioBook.com. Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Sign up for exclusive updates, offers, and bonus chapters of my new book: The Perfect Portfolio.  -----  CNBC’s Senior Markets Correspondent Bob Pisani has spent over 25 years reporting from the New York Stock Exchange floor. In this episode, Bob shares vivid stories from the heart of Wall Street, key lessons learned from decades of covering financial markets, and timeless advice for long-term investors. Listen now and learn: ► How electronic trading and ETFs revolutionized investing ► Why most investors struggle with forecasting markets accurately  ► Bob’s firsthand experiences from major market crises, including 9.11 and the 2008 crash ► Essential tips for staying cal, during periods of market volatility This insightful conversation offers valuable perspectives for investors of all experience levels. Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. [02:45] How Electronic Trading and ETFs Transformed Investing [05:56] Why the Complexity of Markets Remains Behind the Curtain [07:30] Common Investor Mistakes and the Challenges of Predicting Markets [14:36] Navigating Headlines and Staying Calm During Market Volatility [17:19] Reflections from Major Market Crises: Dot-Com, 9/11, and 2008 [26:29] Storytelling, Communication, and Memorable Interactions on Wall Street [35:35] The Ongoing Importance of Curiosity and Investor Education   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Sign up for exclusive updates, offers, and bonus chapters of my new book: The Perfect Portfolio.  -----  Welcome to the world of TACO investing—where “Trump Always Chickens Out”—a phrase capturing the volatile cycle of aggressive policy threats followed by sudden reversals. In this episode, we’ll use the TACO phenomenon as a lens to explore how investors can better understand and navigate short-term market swings caused by political news. Listen now and learn: ► Why markets often overreact to political headlines. ► The critical distinction between the economy and the stock market. ► How to maintain a disciplined, long-term investing mindset amid policy volatility. ► Key strategies that successful investors use to manage short-term uncertainty.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Sign up for updates and exclusive offers related to Peter’s new book, The Perfect Portfolio, by visiting https://theperfectportfoliobook.com -----  Recorded in front of an audience at the CFA Institute’s global conference (CFA Live), I’m joined by behavioral finance expert Brian Portnoy to dive deep into Behavioral Finance 2.0. This conversation goes well beyond the basic definitions of Behavioral Finance 1.0, letting storytelling, empathy, and emotional intelligence take center stage in helping people live more meaningful financial lives. Whether you’re an advisor, investor, or simply curious about the psychology of money, this conversation offers a fresh and thought-provoking perspective on what it truly means to build wealth wisely.   Listen now and learn: ► Why classical behavioral finance may be too narrow—and what’s replacing it ► A powerful five-step framework for guiding clients through market stress ► How storytelling can transform financial advice into something truly personal ► What the rise of AI means for the future of human-centered advising   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   (07:28) Navigating Today's Investor Mindset: Uncertainty and Storytelling   (12:36) Beyond Behavioral Finance 1.0: Moving from Flaws to Flourishing   (19:49) The Power of Asking Better Questions in Financial Advising   (28:50) Using the LASER Protocol for Client Conversations During Volatility   (42:30) Practical Applications: Storytelling in Financial Advice   (47:57) How Behavioral Insights Improve Investment Decisions  -----  Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Get an inside look at what’s shaping my thinking. Bi-weekly, I share the top 5 investing and financial planning articles I’m reading—straight to your inbox. Sign up for my newsletter. -----  Approaching retirement when markets are turbulent can make even seasoned investors anxious. In this episode, you’ll learn practical strategies for navigating uncertainty, ensuring your retirement stays on track.   Listen now and learn: ► How your portfolio differs from the broader market—and why it matters. ► A common retirement mistake to avoid during periods of volatility. ► Why your investment strategy should evolve as you transition from accumulation to retirement. ► The overlooked value of professional guidance when managing retirement withdrawals.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. -----  Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Big financial decisions ahead? Whether it’s retirement, a career change, or navigating complex investments, get expert guidance in a quick, no-pressure call. Schedule yours now. -----  In this episode, Mark Higgins, author of Investing in U.S. Financial History, reveals how understanding historical market crashes and human behavior can provide investors a powerful advantage. Discover why financial history is more than just fascinating stories—it’s a blueprint for smarter investing. Listen and learn: ► The surprising ways historical market crashes mirror today’s economic climate ► Why understanding investor psychology from past crises can protect your portfolio ► How politics and inflation have historically influenced market behavior ► Key lessons from history that help investors avoid common emotional pitfalls Tune in to learn how the past can help prepare your investments for the future. Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   (00:00) Introduction (02:00) Why Human Behavior and Financial History Are Inseparable Guides for Investors  (09:24) The Interplay of Politics, Inflation, and Investor Behavior  (13:17) Stocks, Alternatives, and the Power of Simplicity  (16:51) Herd Behavior and Misunderstood Market Crises  (21:01) Building a Resilient Long-Term Portfolio  (28:12) Truly Unprecedented: Today’s Fiscal Picture  (29:23) Connect with Mark Higgins    Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Where is your money really going? Most people are surprised when they track it. Use my Cash Flow worksheet to see exactly where your money is going—and how to make it work for you. Download it now. -----  Which approach is better: income-focused or total return investing? Many investors believe they should live off the income their portfolio generates—and never touch the principal. It feels responsible. Conservative. Safe. But in this episode, I explain why that mindset often leads to worse outcomes. Listen now and learn: ► Why relying only on dividends and interest can increase your risk ► How a total return strategy offers greater flexibility and sustainability ► What behavioral traps drive the income-only approach ► Research-backed reasons to shift your retirement spending strategy   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.