The Long View

Today on the podcast, we welcome back Dr. Daniel Crosby. Daniel is the author of a new book called The Soul of Wealth: 50 Reflections on Money and Meaning. Daniel is the chief behavioral officer at Orion Advisor Solutions. In addition to The Soul of Money, Daniel has written several other books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and the Secret to Investor Success, and You’re Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science degree and PhD in Psychology, both from Brigham Young University.BackgroundBio“Daniel Crosby: ‘If You’re Excited About It, It’s Probably a Bad Idea,’” The Long View podcast, Morningstar.com, Aug. 31, 2021.Books:The Soul of Wealth: 50 Reflections on Money and MeaningThe Behavioral Investor: The Art and Science of Investment ManagementThe Laws of Wealth: Psychology and the Secret to Investing SuccessYou’re Not That GreatStandard Deviations podcastMoney and Happiness“High Income Improves Evaluation of Life but Not Emotional Well-Being,” by Daniel Kahneman and Angus Deaton, Psychological and Cognitive Sciences, Aug. 4, 2010.“Income and Emotional Well-Being: A Conflict Resolved,” by Daniel Kahneman, Matthew Killingsworth, and Barbara Mellers, Psychological and Cognitive Sciences, Nov. 29, 2022.OtherThe Creative Act: A Way of Being, by Rick Rubin“Michael Finke: Here’s What Makes Retirees Happy,” The Long View podcast, Morningstar.com, Oct. 2, 2019.Martin SeligmanDaniel Crosby on X

Our guest on the podcast today is author and financial psychologist, Dr. Brad Klontz. He’s an Associate Professor of Practice at Creighton University’s Heider College of Business. He’s also co-founder of the Financial Psychology Institute and managing principal of Your Mental Wealth Advisors, a fee-only registered investment advisory.Brad is co-author or co-editor of nine books on the psychology of money, including his latest, Start Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, which he co-wrote with Adrian Brambila. He is a fellow of the American Psychological Association and a former President of the Hawaii Psychological Association. He was appointed to the CNBC Financial Advisor Council in 2023 and received the 2018 and 2021 Montgomery-Warschauer Awards from the Journal of Financial Planning, honoring the most outstanding contribution to the betterment of the financial planning profession. He received his Doctor of Psychology degree from Wright State University, his master’s certificate in personal financial planning from Kansas State University, his master’s in counseling and human resources development from South Dakota State University, and his bachelor’s degree in psychology from Olivet Nazarene University. Brad is also a Certified Financial Planner professional.BackgroundBioStart Thinking Rich: 21 Harsh Truths to Take You From Broke to Financial Freedom, by Dr. Brad Klontz and Adrian BrambilaYour Mental Wealth AdvisorsMoney ScriptsYour Money Script“Money Beliefs and Financial Behaviors: Development of the Klontz Money Script Inventory,” by Bradley Klontz, Sonya Britt-Lutter, Jennifer Mentzer, and Ted Klontz, Journal of Financial Therapy, April 2011.“Identify and Understand Clients’ Money Scripts: A Framework for Using the KMSI-R,” by Michelle Arpin Begina, Jessica Hickingbottom, Elaine Grogan Luttrull, Megan McCoy, and Bradley Klontz, Journal of Financial Planning, March 2018.Behavioral Finance“Untangling Behavioral Finance and the Psychology of Financial Planning,” by Brad Klontz, Journal of Financial Planning, January 2023.“Integrating Interpersonal Neurobiology Into Financial Planning: Practical Applications to Facilitate Well-Being,” by Brad Klontz, Journal of Financial Planning, May 2020.

Our guests this week are Tom Idzorek and Paul Kaplan. This is Tom’s second appearance as a guest and Paul’s first. Tom is chief investment officer of retirement for Morningstar Investment Management. He also serves as a member of Morningstar’s 401(k) Committee, Public Policy Council, Global Investment Committee, US Investment Policy Committee, and the Editorial Board of Morningstar Magazine. Before retiring in 2023, Paul was director of research for Morningstar Canada and a senior member of Morningstar’s Global Research Team. He led the development of many of the quantitative methodologies behind Morningstar’s fund analysis, indexes, advisor tools, and other services. Tom and Paul are accomplished researchers and authors, having individually published or collaborated on numerous academic papers, accepted to prestigious peer-reviewed journals, and their work has received numerous awards through the years. In today’s interview, we’re focusing on one of their recent collaborations, their new book, Lifetime Financial Advice: A Personalized Optimal Multilevel Approach.BackgroundTom Idzorek Bio“Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning,” The Long View podcast, Morningstar.com, June 7, 2022.Paul Kaplan BioLifetime Financial Advice: A Personalized Optimal Multilevel Approach, by Tom Idzorek and Paul KaplanLifetime Financial Advice“Joining Lifecycle Models With Mean-Variance Optimization,” by Tom Idzorek and Paul Kaplan, papers.ssrn.com, Oct. 19, 2023.Lifetime Financial Advice Book Club Series“Personalized Multiple Account Portfolio Optimization,” by Tom Idzorek, Financial Analysts Journal, June 29, 2023.“The Popularity Asset Pricing Model,” by Tom Idzorek, Paul Kaplan, and Roger Ibbotson, papers.ssrn.com, Oct. 26, 2021.“Popularity: A Bridge Between Classical and Behavioral Finance,” by Roger Ibbotson, Tom Idzorek, Paul Kaplan, and James Xiong, Research Foundation, Dec. 10, 2018.“ESG Investing and the Popularity Asset Pricing Model (PAPM),” by Tom Idzorek, blogs.cfainstitute.org, Feb. 1, 2024.OtherMilton FriedmanFranco ModiglianiPaul SamuelsonRobert MertonRichard ThalerDaniel KahnemanRoger IbbotsonJames Xiong“Modern Portfolio Theory: What MPT Is and How Investors Use It,” by the Investopedia team, Investopedia.com, Aug. 29, 2023.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Today on the podcast, we welcome back retirement and tax expert Ed Slott. Ed is the president and founder of Ed Slott & Company, which provides retirement and tax-planning education to investment advisors and financial institutions. Ed has written several books, including his latest, The Retirement Savings Time Bomb Ticks Louder. PBS viewers may know Ed from his frequent appearance on public television. Ed also co-hosts a podcast with Jeff Levine, called The Great Retirement Debate. In addition, he hosts the popular website IRAHelp.com, where the Slott report regularly dispenses wisdom about retirement, tax, and estate planning. Ed is a certified public accountant.BackgroundBio“Ed Slott: Act Now on Historically Low Tax Rates,” The Long View podcast, Morningstar.com, Aug. 19, 2020.The Great Retirement Debate podcastThe Retirement Savings Time Bomb Ticks Louder, by Ed SlottTax-Loss Harvesting“The Ins and Outs of Tax-Loss Selling,” Interview with Christine Benz and Ed Slott, Morningstar.com, Dec. 14, 2022.“The Best Investments for Taxable Accounts,” by Christine Benz, Morningstar.com, Jan. 23, 2024.“Yes, You Can Still Find Tax-Loss Harvesting Opportunities in 2024,” Investing Insights with Christine Benz and Margaret Giles, Morningstar.com, Nov. 22, 2024.“The Big Retirement Myth,” Interview with Christine Benz and Ed Slott, Morningstar.com, Aug. 7, 2024.Required Minimum Distributions and IRAs“IRS Issues Final SECURE Act Regulations: Controversial Annual RMD Requirement During 10-Year Rule Stands,” by Sarah Brenner, irahelp.com, July 22, 2024.“Best Advice? Ignore the 10-Year RMD Rule,” by Ed Slott, investmentnews.com, Aug. 19, 2024.“The New Rules for Missed RMDs,” Interview with Christine Benz and Ed Slott, Morningstar.com, July 24, 2024.“Brace Yourself for Higher RMDs in 2024,” Interview with Christine Benz and Ed Slott, Morningstar.com, March 13, 2024.“Inherited IRAs: What to Know About Taxes, RMDs, and More,” by Tori Brovet, Morningstar.com, Sept. 13, 2024.Qualified Charitable Distribution“12 QCD Rules You Must Know,” by Sarah Brenner, irahelp.com, July 10, 2024.“Year-End QCD Mistakes to Avoid,” by Ed Slott, investmentnews.com, Nov. 18, 2023.“Year-End Charitable-Giving Strategies,” Interview with Christine Benz and Ed Slott, Morningstar.com, Nov. 1, 2023.Tax-Law Changes in 2025“401(k) Contribution Limits Increase for 2025,” by Sarah Brenner, irahelp.com, Nov. 6, 2024.“Higher Catch-Up Contributions Available for Certain Older Employees Starting in 2025,” by Ian Berger, irahelp.com, Oct. 21, 2024.“IRS Announces New Income Limits for IRA Contributions in 2025,” by Denise Appleby, Morningstar.com, Nov. 20, 2024.“Ed Slott: What Investors Need to Do Before the Tax Cuts and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.

Today on the podcast, we welcome back Mark Berg. Mark is the founder of and lead advisor at Timothy Financial Counsel, which is an hourly financial planning firm that he started in 2000. Prior to launching Timothy Financial, Mark served as a client manager at a fee-only financial planning firm, and he has provided fee-only financial guidance since 1995. He holds a bachelor’s degree in economics from Wheaton College and is a certified financial planner practitioner and NAPFA-registered financial advisor. He served on the national board of directors for the National Association of Personal Financial Advisors from 2008 through 2011. In the spirit of full disclosure, Timothy Financial is the firm that my husband and I use for financial planning. I have no financial relationship with the firm other than that we pay them for their services.BackgroundBioTimothy Financial Counsel“Mark Berg: Hourly Financial Planning Is ‘A Vast Blue Ocean,’” The Long View podcast, Morningstar.com, March 28, 2023.Funding for College“529 Plan Tips for Grandparents to Save for College,” by Emma Kerr, usnews.com, Sept. 7, 2021.“How to Allocate Assets for College Savings,” by Christine Benz, Morningstar.com, Jan. 19, 2022.“Morningstar 529 Ratings: The Best Plans of 2024,” by Hyunmin Kim, Morningstar.com, Oct. 29, 2024.“What to Do With Extra Money in Your 529 Plan,” by Amy Arnott, Morningstar.com, June 30, 2022.“The Best Way to Save for College,” by Christine Benz and Susan Dziubinski, Morningstar.com, Oct. 11, 2022.

Our guests this week are Jim Murphy and Charlie Hill of T. Rowe Price’s Municipal Bond Investment Team. Jim leads the team and is portfolio manager for several high-yield muni strategies. Charlie, who has been at T. Rowe since 1991, manages several short and intermediate term municipal-bond funds. Morningstar’s manager research team rates T. Rowe Price’s municipal bond capability highly with several strategies carrying Gold medalist ratings.BackgroundJim Murphy BioT. Rowe Price Tax-Free High Yield PRFHXT. Rowe Price Tax-Free High-Yield Advantage PATFXCharlie Hill BioT. Rowe Price Tax-Free Short-Intermediate PRFSXT. Rowe Price Tax-Free Short-Intermediate 1 TTSIXMunicipal Bonds“Reasons to Fall in Love With Municipal Bonds Right Now,” by Amey Stone, barrons.com, July 28, 2023.“It’s Been a Poor Year so far for Municipal Bonds,” by Tim Gray, nytimes.com, July 18, 2022.“3 Tax-Free Funds That Are Gems,” by Russel Kinnel, Morningstar.com, Sept. 11, 2024.“Muni-Bond Niche Defies Sales Slump as Banks Seize on Cheap Rates,” by Nic Querolo and Sri Taylor, fa-mag.com, Oct. 22, 2021.“Municipal Bonds: Where to Find Opportunities in a Volatile Market,” by Elizabeth Foos, Morningstar.com, Aug. 6, 2024.Other“Build America Bonds (BABs): Types, Restrictions, Vs. Other Bonds,” by James Chen, Investopedia.com, June 8, 2022.“Ed Slott: What Investors Need to Do Before the Tax Cut and Jobs Act Expires,” Interview with Christine Benz and Ed Slott, Morningstar.com, Feb. 6, 2024.Texas Permanent School FundFinancial Oversight and Management Board for Puerto Rico

Our guest this week is Charlie Dreifus. Charlie is portfolio manager of the Royce Special Equity Funds, highly regarded by Morningstar’s Manager Research team. Charlie was named Fund Manager of the Year by Morningstar in 2008 for his work on the Small-Cap Value US Equity Strategy, which he began running in 1998 after portfolio management stints at Lazard and Oppenheimer. Charlie’s investment career began in 1968. He holds degrees from City College of New York and Baruch College.BackgroundBioRoyce Small-Cap Special Equity InvestmentSteven McBoyle, co-portfolio managerSmall-Cap Value“Small-Cap Funds Are More Promising Than They Have Been in Years. Here Are the Ones to Buy,” by Lewis Braham, Barrons.com, Oct. 11, 2023.“Why Value Veteran Charlie Dreifus Balks at Banks and Favors the Rust Belt,” by John Coumarianos, citywire.com, April 21, 2022.OtherChuck RoyceAbraham Briloff“A Conversation With Investing Legend Charlie Dreifus,” Interview with Russ Kinnel, Morningstar.com, Aug. 14, 2020.Public Company Accounting Oversight BoardTim Hipskind“Irving Kahn, Oldest Active Wall Street Investor, Dies at 109,” by Sam Roberts, nytimes.com, Feb. 26, 2015.

Our guest on the podcast today is Anne Tergesen. Anne is a reporter covering retirement for The Wall Street Journal. Her stories often explore how retirement and preparing for retirement are changing today. She writes frequently on topics related to 401(k) plans and retirement savings, spending, and legislation. She also writes about employee benefits, longevity, and aging. Before joining the Journal, Anne worked for BusinessWeek magazine covering personal finance. Together with colleagues, she recently won a Front Page Award from the News Women’s Club of New York and was a finalist for Gerald Loeb Award. She was awarded a Knight-Bagehot Fellowship at Columbia University’s Graduate School of Journalism and won a Best of Knight-Bagehot Award in 2006. Anne started her career covering local news at The Philadelphia Inquirer.BackgroundBioThe Wall Street Journal articles401(k)s and Retirement“More Americans Are Treating Their 401(k)s Like Cash Machines,” by Anne Tergesen, wsj.com, March 11, 2024.“6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving,” by Anne Tergesen, wsj.com, June 28, 2024.“The 401(k) Investors Convinced That Target-Date Funds Miss the Mark,” by Anne Tergesen and Oyin Adedoyin, wsj.com, Aug. 3, 2024.“The 401(k) Rollover Mistake That Costs Retirement Savers Billions,” by Anne Tergesen, wsj.com, July 22, 2024.“Is Your Company’s 401(k) Match Unfair?” by Anne Tergesen, wsj.com, May 25, 2024.“Retire at 65? It’s More Like 62,” by Anne Tergesen, wsj.com, April 25, 2024.“David John: Improving the Retirement System,” The Long View podcast, Morningstar.com, Sept. 27, 2022.Automatic: Changing the Way America Saves, by William Gale, Mark Iwry, and David John“The Way We Retire Now,” a Wall Street Journal Series by Anne Tergesen and Veronica Dagher.“Here’s What Retirement Looks Like in America in Six Charts,” by Anne Tergesen, Veronica Dagher, and Rosie Ettenheim, wsj.com, March 31, 2023.“She’s a Retirement Authority—And Still Made Mistakes. Here’s What She’d Do Differently,” by Anne Tergesen, wsj.com, Oct. 12, 2024.“Is There Really a Retirement-Savings Crisis?” by Anne Tergesen, wsj.com, April 23, 2017.OtherVanguard’s “How America Saves 2024”“The U-Shape of Happiness Across the Life Course: Expanding the Discussion,” by Nancy Galambos, Harvey Krahn, Matthew Johnson, and Margie Lachman, National Library of Medicine, July 1, 2021.Employee Benefit Research InstituteDavid Blanchett“The Retirement Crisis: Perception Vs. Reality,” by PGIM Global Communications, pgim.com, July 9, 2024.Laura SaundersMichael Kitces

Our guest on the podcast today is Phil Moeller. He’s the primary author of the Get What’s Yours series of consumer guidebooks, including a newly revised edition of Get What’s Yours for Medicare: Maximize Your Coverage, Minimize Your Costs. In addition, the series includes Get What’s Yours: The Revised Secrets to Maxing Out Your Social Security and Get What’s Yours for Health Care: How to Get the Best Care at the Right Price. Phil wrote the “Ask Phil” Medicare column for the PBS NewsHour website, Making Sense, reported on aging healthcare and retirement for Money magazine, and wrote “The Best Life” feature on aging and retirement for US News & World Report. He began his career as a newspaper business reporter and editor, and has worked for The Baltimore Sun, The Charlotte Observer, The Chicago Sun Times, The Hartford Business Journal, and The Louisville Courier Journal. He later founded the insure.com consumer website and also worked as a communications executive for a large insurance company.BackgroundBioGetWhatsYours.orgInsure.comBooks: Get What’s Yours for Medicare: Maximize Your CoverageGet What’s Yours: The Revised Secrets to Maxing Out Your Social SecurityGet What’s Yours for Health Care: How to Get the Best Care at the Right PriceParts of Medicare Explained“Phil Moeller: What’s New for Medicare—and More—in 2024?” by Phil Moeller, uhc.com, Jan. 10, 2024.“Phil Moeller: Filling the Coverage Gaps in Medicare,” by Phil Moeller, uhc.com, Sept. 25, 2024.Get Started With MedicareWhat Part A CoversWhat Part B CoversMedicare Advantage PlansWhat Medicare Part D Drug Plans CoverCompare Medigap Plan BenefitsWorking Past 65Private Insurance“Learning to Love Insurance Brokers (Within Limits!),” by Phil Moeller, substack.com, April 22, 2024.“Medicare Moment by Phil Moeller: Moving From Employer Health Insurance to Medicare,” Video by Phil Moeller, uhc.com, Nov. 21, 2022.Other“Washington State Establishes a Long-Term Care Program,” by Alicia H. Munnell, Center for Retirement Research at Boston College, crr.bc.edu, Aug. 13, 2024.Medicare Plan FinderMedicare & YouKFF

Today on the podcast, we welcome back Jonathan Clements. Jonathan was one of our first guests when we launched this podcast, and today marks his third appearance. He’s the founder and editor of HumbleDollar, and he has written or edited several books about money and investing, including My Money Journey and How to Think About Money. Earlier in his career, Jonathan spent almost 20 years at The Wall Street Journal, where he was the newspaper’s personal finance columnist and six years at Citigroup, where he was director of financial education for the bank’s US Wealth Management arm. This past June, Jonathan shared his devastating recent cancer diagnosis, and he’s been writing candidly about the experience on HumbleDollar. We’ll link to those posts in the show notes. I wanted to conduct today’s interview solo because Jonathan’s work has been hugely influential to me personally, and he also wrote the foreword to my forthcoming book. I couldn’t be more grateful.BackgroundBioHumbleDollar“Jonathan Clements: ‘It’s in Wall Street’s Interest to Make Everyday Investors Think That They Are Stupid,’” The Long View podcast, Morningstar.com, July 31, 2019.“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’” The Long View podcast, Morningstar.com, Dec. 26, 2023.BooksMy Money Journal: How 30 People Found Financial Freedom—And You Can TooFrom Here to Financial Happiness: Enrich Your Life in Just 77 DaysHow to Think About MoneyArticles“Turned Upside Down,” by Jonathan Clements, humbledollar.com, Oct. 5, 2024.“Never Quite Enough,” by Jonathan Clements, humbledollar.com, Sept. 21, 2024.“Opinion: Living Was Easy. Dying Is Harder,” by Jonathan Clements, washingtonpost.com, Aug. 28, 2024.OtherHow to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement, by Christine Benz, Forward by Jonathan ClementsEGFR Exon 20 Insertion Mutation and Lung Cancer“FDA Approves Amivantamab-vmjw for EGFR Exon 20 Insertion-Mutated Non-Small Cell Lung Cancer Indications,” fda.gov, March 1, 2024.“Jonathan Guyton: What the Crisis Means for Retirement Planning,” The Long View podcast, Morningstar.com, June 17, 2020.“Bill Bernstein: Revisiting the Four Pillars of Investing,” The Long View podcast, Morningstar.com, July 11, 2023.“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.

Today on the podcast, we’re delighted to welcome back Jeremy Grantham. Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Co., or GMO, which he cofounded in 1977. He serves on GMO’s Asset Allocation Committee and board of directors. Prior to GMO, Jeremy was cofounder of Batterymarch Financial Management and before that was an economist at Royal Dutch Shell. He earned his undergraduate degree from the University of Sheffield and his MBA from Harvard University. Jeremy is a member of the Academy of Arts and Sciences, holds a CBE from the UK, and is a recipient of the Carnegie Medal of Philanthropy. In 1997, he and his family started the Grantham Foundation for the protection of the environment, which supports research and action to address climate change.BackgroundBioGMOGrantham FoundationGMO Quality IIIGMO US Quality ETF“Jeremy Grantham: The US Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022.Bubbles and the Market“The Great Paradox of the US Market,” by Jeremy Grantham, gmo.com, March 11, 2024.“AI Craze Stokes ‘Bubble Within a Bubble,’ Says GMO’s Jeremy Grantham,” by Christine Idzelis, marketwatch.com, March 11, 2024.“Entering the Superbubble’s Final Act,” by Jeremy Grantham, gmo.com, Aug. 31, 2022.“Jeremy Grantham Says the AI Bubble Will Burst and Take the Stock Market Down With It. Here Are His 14 Best Quotes From an Event This Week,” by Theron Mohamed, markets.businessinsider.com, Feb. 18, 2024.“China Turmoil Poses a Risk to the Magnificent 7, Jeremy Grantham’s GMO Says,” by Yuheng Zhan, markets.businessinsider.com, Feb. 9, 2024.The Environment and Sustainability“Sustainability or Bust: The Sheer Impossibility of Eternal Compound Growth,” by Jeremy Grantham, gmo.com, March 18, 2024.“GMO Horizons,” by Jeremy Grantham, gmo.com, Feb. 27, 2024.“Pollution, Population, and Purpose,” The Great Simplification podcast with Nate Hagens and Jeremy Grantham, gmo.com, Feb. 15, 2024.“Jeremy Grantham Assesses Long-Term Threats Through an Investor Lens,” by William Hughes, cruxinvestor.com, Dec. 31, 2023.

Our guest this week is Jack Nelson. Jack is lead manager of the Stewart Investors’ Global Emerging Markets Leaders Sustainability strategy, which is highly regarded by Morningstar’s manager research team. Jack joined Stewart in Edinburgh, Scotland, in 2011 after obtaining an MA from Oxford.BackgroundBioStewart InvestorsEmerging Markets“Global Emerging Markets Sustainability Strategies Update,” Q&A With Jack Nelson, stewartinvestors.com, April 2023.“Finding Resilient Businesses in Emerging Markets Is Key to Long-Term Success,” by Jack Nelson, trustnet.com, Dec. 15, 2022.“Stewart Investors’ Global Emerging Markets Sustainability Strategy Marks 15-Year Anniversary With Benchmark-Beating Returns,” prnewswire.com, May 7, 2024.“Go Beyond the Data to Find Quality Sustainable Investments in Emerging Markets,” by Jack Nelson, investordaily.com, July 16, 2024.“Stewart Investors Launches EMs ex-China Sustainability Fund,” by Natalie Kenway, portfolio-adviser.com, July 11. 2024.Artificial Intelligence“Am I Invested in AI?” stewartinvestors.com, Aug. 4, 2024.“A + I Equals More Than NVDA,” stewartinvestors.com, March 27, 2024.OtherThe Rise and Fall of American Growth: The US Standard of Living Since the Civil War, by Robert GordonInovanceYifeng Pharmacy Chain Co LtdSamsung Electronics“Unilever’s India Unit to Rebrand ‘Fair & Lovely’ to ‘Grow & Lovely,’” reuters.com, July 2, 2020.Principles for Responsible InvestingDelta Electronics

Our guest this week is Ankur Crawford. Ankur is a executive vice president and portfolio manager at Fred Alger Management, based in New York City. Ankur comanages the Alger Capital Appreciation Fund, which is highly regarded by Morningstar’s Manager Research Team, among other US large-cap growth equity strategies. She’s also the sole manager in the Alger Concentrated Equity Strategy, which is available as both an ETF and a traditional mutual fund. Prior to joining Alger in 2004, Ankur worked as an engineer at Intel and earned a PhD in material science and engineering from Stanford.BackgroundBioAlger Capital Appreciation FundAlger Concentrated Equity StrategyMarket Volatility“Bad News Is Good News for the Market Again, Says Alger’s Ankur Crawford,” Closing Bell interview, cnbc.com, May 14, 2024.“The ‘Magnificent 7’ Should Have Another Good Earnings Season, Says Alger’s Ankur Crawford,” Closing Bell interview, cnbc.com, June 20, 2024.Artificial Intelligence“AI and the Declining Cost to Create,” by Ankur Crawford and Patrick Kelly, alger.com.“Empowering Intelligence,” by Ankur Crawford and Patrick Kelly, alger.com.“Still Very Early on in the AI Megacycle, Says Alger’s Crawford,” Squawk on the Street interview, youtube.com, Feb. 15, 2024.“AI Adoption Looks Like ‘Structural Imperative’ for all Companies, Says Alger’s Ankur Crawford,” Closing Bell interview, youtube.com.OtherCadence Design SystemsMartin Marietta Materials

We’re doing something a little different this week. Amy Arnott and Dan Lefkovitz are flipping the microphone around and interviewing the anchor host of this podcast, Christine Benz, about her new her book, How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement. Christine is director of personal finance and retirement planning for Morningstar. She has been with the company since 1993, where she’s served as director of the fund research team, editor of Morningstar Mutual Funds, and cofounder of this podcast in 2019. She has written several books about investing. Christine is a proud graduate of the University of Illinois.BackgroundBio and archiveHow to RetireHow to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement by Christine BenzThe Psychology of Money by Morgan HouselNonfinancial Aspects of RetirementMichael FinkeJordan GrumetLaura CarstensenAnnuities, Retirement Portfolio Planning, and Social SecurityWade PfauRetirement Income Style AwarenessWilliam BernsteinFritz Gilbert/The Retirement Manifesto“The Ultimate Pre-Retirement Checklist,” by Fritz Gilbert, The Retirement Manifesto, March 27, 2018.Freedom for FidoMary Beth FranklinJonathan Guyton“Decision Rules and Maximum Initial Withdrawal Rates,” by Jonathan Guyton and William Klinger, FPA Journal.Jamie HopkinsThe Bucket ApproachHarold Evensky“The Bucket Approach to Building a Retirement Portfolio,” by Christine Benz, Morningstar.com, Nov. 23, 2022.“The Bucket Approach Is Flawed—Here’s a Better Way,” by Rob Berger, Forbes.com, Aug. 2, 2020.“Do You Need More Than 3 Buckets?” by Christine Benz and Susan Dziubinski, Morningstar.com, May 22, 2024.HousingMark MillerHealthcare, Long-Term Care, and Estate PlanningCarolyn McClanahanCameron HuddlestonMom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances, by Cameron Huddleston, June 25, 2019.Jennifer RozelleOther“Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow,‘” The Long View podcast, Morningstar.com, May 13, 2020.

Our guest this week is Dr. Hendrik Bessembinder. Hank is the professor in Francis J. and Mary B. Labriola Chair in Competitive Business at Arizona State University’s Department of Finance. Prof. Bessembinder’s research focuses on market design and trading, including stock, foreign exchange, fixed income, futures, and energy markets, as well as on measuring long-term investment performance. He’s published numerous articles in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, among others.In today’s conversation, we’ll focus on the most widely cited and influential of Prof. Bessembinder’s papers, which is entitled, Do Stocks Outperform Treasury Bills? The paper’s key findings could have implications for stock investors of all stripes. So, we were excited to talk to Hank and dig into his work. You can find this paper and other follow-on work that Hank has done on SSRN and we’ll link to it in the show notes.BackgroundBioResearch“Do Stocks Outperform Treasury Bills?” by Hendrik Bessembinder, ssrn.com, June 3, 2018.“Wealth Creation in the US Public Stock Markets 1926 to 2019,” by Hendrik Bessembinder, ssrn.com, Feb. 13, 2020.“Which US Stocks Generated the Highest Long-Term Returns,” by Hendrik Bessembinder, ssrn.com, July 22, 2024.“Long-Horizon Stock Returns Are Positively Skewed,” by Adam Farago and Erik Hjalmarsson, Review of Finance, April 6, 2022.“Why Has IPO Underpricing Changed Over Time?” by Tim Loughran and Jay Ritter, Financial Management Journal, Autumn 2004.“Long-Run Stock Market Returns: Probabilities of Big Gains and Post-Event Returns,” by Hendrik Bessembinder, ssrn.com, Dec. 27, 2021.“Extreme Stock Market Performers, Part I: Expect Some Drawdowns,” by Hendrik Bessembinder, ssrn.com, July 21, 2020.“Shareholder Wealth Enhancement, 1926 to 2022,” by Hendrik Bessembinder, ssrn.com, June 17, 2023.“Long-Term Shareholder Returns: Evidence From 64,000 Global Stocks,” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, ssrn.com, March 6, 2023.“Predictable Corporate Distributions and Stock Returns,” by Hendrik Bessembinder, ssrn.com, Nov. 24, 2014.OtherCenter for Research in Security Prices (CRSP)“What Is Jensen’s Measure (Alpha), and How Is It Calculated?” by James Chen, Investopedia.com, July 1, 2024.

Our guest on the podcast today is Kathy Stokes. Kathy is director of Fraud Prevention Programs with AARP, where she leads AARP’s efforts to educate older adults on the risks that fraud represents to their financial security. Kathy currently serves on the advisory council to the board of the International Association of Financial Crimes Investigators and on the advisory council to the Senior Issues Committee of the North American Securities Administrators Association. Kathy also serves on a Federal Reserve Working Group on scam information sharing. Before joining AARP, Kathy managed her own company, KSM Communications, and she also held various roles in public affairs at the Brookings Institution, Ernst & Young, Mercer, and the Employee Benefit Research Institute. She received her bachelor’s degree in rhetoric and communications at the University of Pittsburgh and her master’s in American government at Johns Hopkins University.BackgroundBioInternational Association of Financial Crimes InvestigatorsSenior Issues Committee of the North American Securities Administrators AssociationFederal Reserve Fraud Definitions Work GroupFinancial Fraud“6 Common Types of Investment Fraud and How to Identify Them,” by Cheryl Winokur Munk, aarp.org, April 11, 2024.“Data Spotlight: Who Experiences Scams? A Story for All Ages,” by Emma Fletcher, ftc.gov, Dec. 8, 2022.“Data Spotlight: Social Media: A Golden Goose for Scammers,” by Emma Fletcher, ftc.gov, Oct. 6, 2023.“Americans Reported Losing a Record $10 Billion to Scams and Fraud in 2023,” by Christina Ianzito, aarp.org, Feb. 9, 2024.“Many Americans Worry About Becoming Scam Victims, New Report Finds,” by Christina Ianzito, aarp.org, May 8, 2024.“Precious Metals Scams Target Investors Amid the Pandemic,” by Hanna Kozlowska, aarp.org, Jan. 19, 2022.“What You Need to Know to Protect Yourself Against Bank Scams,” by Patrick J. Kiger, aarp.org, Aug. 12, 2024.Crypto and AI“What to Know About Cryptocurrency Scams,” by Patrick J. Kiger, aarp.org, March 15, 2024.“New Technology Has Supercharged an Old, Formidable Foe: Fraud,” by Martha Boudreau, linkedin.com, April 18, 2024.“AI Fuels New, Frighteningly Effective Scams,” by Christina Ianzito, aarp.org, April 3, 2024.Senior Fraud“‛She Hooked Me’: How an Online Scam Cost a Senior Citizen His Life’s Savings,” by Feliz Solomon, wsj.com, June 8, 2024.“5 Ways to Prevent Elder Financial Exploitation,” by John Rosengren, aarp.org, June 10, 2024.“How to Keep a Loved One With Cognitive Decline Safe From Scams,” by Christina Ianzito, aarp.org, June 28, 2024.ResourcesBrokercheck.finra.orgInvestor.govBankSafeThinkingaheadroadmap.orgaarp.org/scammapAARP Fraud Watch Network Helpline: 877-908-3360Internet Crime Complaint Center (IC3)

On today’s podcast, we’ll chat with two global asset-allocation specialists, Omar Aguilar from Charles Schwab and Sébastien Page from T. Rowe Price. Omar is CEO and chief investment officer for Schwab Asset Management. Before joining Schwab in 2011, he worked at a variety of firms including Financial Engines, ING Investment Management, Lehman Brothers, Merrill Lynch Investment Management, and Bankers Trust.And Sébastien Page is head of Global Multi-Asset Investing at T. Rowe Price, where he oversees a team of investment professionals dedicated to the firm’s multi-asset portfolios. He’s a member of T. Rowe Price’s Asset Allocation Committee, and he’s also a member of the Management Committee of T. Rowe Price Group. Prior to joining the firm in 2015, Sébastien was an executive vice president at Pimco, where he led a team focused on research and development of multi-asset solutions. And he was a senior managing director at State Street Global Markets before that.BackgroundBios: Omar AguilarSébastien PageBeyond Diversification: What Every Investor Needs to Know About Asset Allocation, by Sébastien PageCurrent Economic Environment“Eight Ways RIAs, Investors View Markets Over the Next Year: Schwab,” by Dinah Wisenberg Brin, thinkadvisor.com, June 14, 2024.“The Fed Will Now Focus on Unemployment and Labor Markets, Says Charles Schwab’s Omar Aguilar,” Video interview on Closing Bell: Overtime, cnbc.com, July 15, 2024.“All Eyes on Central Banks,” 2024 Global Market Outlook Midyear Update, troweprice.com, June 2024.“Inflation’s Ripple Effect on the Economy,” Market Overtime interview with Omar Aguilar, youtube.com.“Why a Weaker Jobs Market Is Sparking Recession Fears,” by Scott Horsley, npr.org, Aug. 2, 2024.“Inflation Coming Down Too Fast Could Hurt Earnings, Says T.Rowe Price’s Sebastien Page,” Video interview on Closing Bell: Overtime, cnbc.com, Jan. 30, 2024.“The Four Horsemen of the Recession,” by Sébastien Page, linkedin.com, June 2, 2023.“US Economy in ‘Solid Position’ Despite Slowing Job Growth, Says Schwab’s Aguilar,” Video interview on Squawk on the Street, cnbc.com, Aug. 4, 2023.“Special Topic: Can the Fed Cut Rates With Financial Conditions This Loose?” by Sébastien Page, linkedin.com, June 27, 2024.“2024 Global Market Outlook: Tectonic Shifts Create New Opportunities,” by Arif Husain, Sébastien Page, and Justin Thomson, linkedin.com, Dec. 21, 2023.Asset Allocation“Perspective: Asset Classes Versus Risk Factors or Asset Classes and Risk Factors?” by Sébastien Page, The Journal of Portfolio Management, Dec. 31, 2023.“The Myth of Diversification Reconsidered,” by William Kinlaw, Mark Kritzman, Sébastien Page, and David Turkington, The Journal of Portfolio Management, August 2021.“Personalized Target-Date Funds,” by Kobby Aboagye, Sébastien Page, Louisa Schafer, and James Tzitzouris, The Journal of Portfolio Management, March 2024.“The Hottest Debate in Asset Allocation: Value vs. Growth Stocks,” by Sébastien Page, linkedin.com, April 25, 2024.“The Sector X-Ray,” by Sébastien Page, linkedin.com, Aug. 31, 2023.Valuation and Interest Rates“When Valuation Fails,” by Sébastien Page, linkedin.com, May 29, 2024.“Relative Valuation: A Crucial but Imperfect Guide,” by Sébastien Page, linkedin.com, Feb. 8, 2024.“Is the Market Broadening?” by Sébastien Page, linkedin.com, Jan. 8, 2024.“Let’s Get Real (About Interest Rates),” by Sébastien Page, linkedin.com, March 7, 2024.Other“The Sahm Rule Recession Indicator Definition and How It’s Calculated,” by Mallika Mitra, Investopedia.com, Aug. 5, 2024.

Our guest on the podcast today is Jackie Cummings Koski. She is a certified financial planner, and she is the author of a new book, F.I.R.E. For Dummies. FIRE stands for financial independence, retire early. Jackie is also the co-host of a podcast, Catching Up to FI, geared toward people getting a late start on financial independence. She is founder and CEO of Money Letters, LLC, which is geared toward providing financial education. She received her undergraduate degree in communications and journalism from Augusta University and her master’s degree in personal financial planning and financial therapy from Kansas State University.BackgroundBioF.I.R.E. for DummiesCatching Up to FI podcastFInominal WomenHow It Began/Resources“Financial Independence, Retire Early (FIRE) Explained: How It Works,” by Alexandra Kerr, Investopedia.com, Aug. 16, 2024.“This Women Grew Her Wealth and Retired by Age 49—Here Are 5 Major Steps She Took to Do It,” by Jasmin Suknanan, cnbc.com, Jan. 2, 2024.Choose FI1500 Days to FreedomRoot of GoodMad FientistJamila SouffrantHealth Savings Accounts“Health Savings Account (HSA): How HSAs Work, Contribution Rules,” by Julia Kagan, Ivestopedia.com, July 22, 2024.“How an HSA Is Helping One Woman Achieve FI/RE Toward Early Retirement,” hsastore.com.Other“Most US States Will Soon Require Personal Finance Courses in School,” by Justin Boggs, scrippsnews.com, July 1, 2024.Better InvestingAffordable Care Act (ACA)“Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’” The Long View podcast, Morningstar.com, May 28, 2024.

On today’s podcast, we’ll chat with Daniel Peris about his new book, The Ownership Dividend: The Coming Paradigm Shift in the US Stock Market. Daniel oversees dividend-focused portfolios for Federated Hermes and has written several other books about investing, as well as a study of the former Soviet Union. Daniel began his investment career in the late ’90s as a stock analyst at Argus Research.BackgroundBioThe Ownership Dividend: The Coming Paradigm Shift in the US Stock MarketGetting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your PortfolioStorming the Heavens: The Soviet League of the Militant GodlessThe Strategic Dividend InvestorDividend Investing“Will Dividend Investing Reign Again?” by Daniel Peris, federatedhermes.com, April 25, 2024.“There Is Nothing Special About Dividends,” by Larry Swedroe, Morningstar.com, April 10, 2024.“The Retreat of Dividends and the Changing Nature of the Stock Market,” by Daniel Peris, americanaffairsjournal.org, Fall 2022.OtherWilliam Goetzmann“What Is the Modigliani-Miller Theorem?” by James Chen, Investopedia.com, Aug. 1, 2024.“Markowitz Efficient Set: Meaning, Implementation, Diversification,” by Will Kenton, Ivestopedia.com, Nov. 21, 2023.“Fama and French Three Factor Model Definition: Formula and Interpretation,” by Adam Hayes, Investopedia.com, Jan. 29, 2024.“Tax Differential View of Dividend Policy: Meaning, How It Works,” by Julia Kagan, Investopedia.com, June 14, 2022.

Our guest on the podcast today is Matt Hougan, one of the world’s leading experts on crypto, exchange-traded funds, and financial technology. He’s the chief investment officer for Bitwise Asset Management, which offers several cryptocurrency-related funds and ETFs. He was previously chief executive officer of ETF.com and Inside ETFs. Hougan is co-author of A Comprehensive Guide to Exchange-Traded Funds and “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals” for the CFA Institute’s Research Foundation. He graduated from Bowdoin College with a BA in philosophy.BackgroundBioA Comprehensive Guide to Exchange-Traded Funds (ETFs), by Matt Hougan“Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals,” by Matt Hougan and David Lawant, CFA Research Foundation Briefs, January 2021.The Beginning of Cryptocurrency“The Bitcoin White Paper Is Now Officially 15 Years Old,” by Pete Rizzo, Forbes.com, Oct. 31, 2023.“Bitcoin: A Peer-to-Peer Electronic Cash System,” by Satoshi NakamotoCrypto Scandals“What Was the Silk Road Online? History and Closure by the FBI,” by the Investopedia Team, Investopedia.com, June 29, 2024.“What Was Mt. Gox? Definition, History, Collapse, and Future,” by the Investopedia Team, Investopedia.com, April 23, 2024.“FTX Crash Is Eerily Similar to the Bernie Madoff Scandal, ex-regulator Sheila Blair Says,” by Matt Egan, cnn.com, Nov. 15, 2022.Crypto Performance“Crypto Market Review (Q2 2024),” by Matt Hougan, Juan Leon, Ryan Rasmussen, Alyssa Choo, Gayatri Choudhury, and Mallika Kolar, bitwiseinvestments.com, July 9, 2024.“Ether ETF Is One Step Away From Approval as Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Shiba Inu, and Dogecoin Turn Mixed,” by Dan Runkevicius, forbes.com, June 26, 2024.“What Financial Advisors Don’t Know About Bitcoin ETFs,” Big Picture in Practice podcast, Morningstar.com, June 6, 2024.“BlackRock’s $20 Billion ETF Is Now the World’s Largest Bitcoin Fund,” by Katie Greifeld and Sidhartha Shukla, Bloomberg.com, May 29, 2024.“Bitcoin’s Role in a Traditional Portfolio,” by Matt Hougan and Gayatri Choudhury, bitwiseinvestments.com, Aug. 28, 2023.“The 60/30/10 Portfolio: How to Build a Diversified Crypto Sleeve,” by Matt Hougan, bitwiseinvestments.com, July 22, 2024.“Five Things to Expect by the Next Halving in 2028,” by Matt Hougan, bitwiseinvestments.com, April 23, 2024.“The Crypto Market Sell-Off: What Happened and Where We Go From Here,” by Matt Hougan, bitwiseinvestments.com, Aug. 5, 2024.“Ethereum ETPs and the Path to a New All-Time High,” by Matt Hougan, bitwiseinvestments.com, July 15, 2024.Other“Bitcoin Price Surges Above $30,500; But Warren Buffett Still Thinks It’s a Gamble,” by Harrison Miller, investors.com, April 13, 2023.“SEC Approves Spot Ether ETFs,” by Kyle Torpey, Investopedia.com, July 23, 2024.“What Is Tokenization?” by Matt Hougan, bitwiseinvestments.com, April 17, 2025.SolanaCoinMarketCap