The Long View

Our guest this week is Neil Shearing. Neil is group chief economist at Capital Economics, a London-based research firm. He is also an associate fellow at Chatham House, an International Affairs think tank. In his Capital Economics role, Neil manages a team of economists and is a well-known voice in the investment community. He has served as chief emerging markets economist and once managed Capital Economics’ New York office, having joined the firm in 2006 from the United Kingdom’s Treasury Ministry. He holds economics degrees from the University of London and the University of York.BackgroundBioChatham HouseWorld Economy, Globalization, and Elections“China, Inflation, Trade Wars—Your Frequently Asked Questions,” by Neil Shearing, capitaleconomics.com, March 4, 2024.“Maintaining Market Confidence Is Key to Managing ‘Snowballing’ Public Debt,” by Neil Shearing, capitaleconomics.com, April 8, 2024.“Pivoting Central Bankers Must Face Down the Ghost of Arthur Burns,” by Neil Shearing, capitaleconomics.com, Jan. 29, 2024.“Ignore the Straight-Line Forecasts. These Forces Will Shape the Global Economy to 2050,” by Neil Shearing, capitaleconomics.com, Feb. 26, 2024.“In the China Vs. US Size Stakes, It’s What You Measure That Counts,” by Neil Shearing, capitaleconomics.com, Jan. 15, 2024.“Trump Trade Wars, Stock Market Bubbles, Japan’s Market Comeback, and the World in 2050,” Capital Economics Weekly Briefing podcast, capitaleconomics.com, Feb. 15, 2024.“World Economy Is Fracturing, not Deglobalizing,” by Neal Shearing, chathamhouse.org, Feb. 8, 2023.“It’s All Connected—Why Investors Can’t Ignore the Global Economy’s Megatrends,” by Neil Shearing, capitaleconomics.com, Oct. 2, 2023.Artificial Intelligence“From Upbeat to Apocalyptic: Making Sense of the AI Headlines,” by Neil Shearing, capitaleconomics.com, Jan. 22, 2024.“How to Get a Handle on AI’s Many Implications for Economies and Markets,” by Neil Shearing, capitaleconomics.com, July 10, 2023.Other“Read My Lips: No New Tax Cuts,” by Paul Ashworth, capitaleconomics.com, Feb. 12, 2024.

Our guest on the podcast today is author and columnist, Matt Krantz. He is the personal finance and management editor at Investor’s Business Daily. Prior to joining IBD, Matt was a senior financial writer for Capital Group. He was also a personal finance writer and reporter at USA TODAY for nearly 18 years. Matt is also the author of several books, including Fundamental Investing for Dummies, Online Investing for Dummies, and Retirement Planning for Dummies.BackgroundBioInvestor’s Business DailyFundamental Analysis for Dummies, by Matt KrantzOnline Investing for Dummies, by Matt KrantzRetirement Planning for Dummies, by Matt KrantzWork at IBD“CANSLIM Explained: What It Is and How It Works,” by James Chen, Investopedia.com, April 2, 2024.Investors/Strategies“Feisty Rivals Take on Eli Lilly, Novo Nordisk on Weight Loss,” by Matt Krantz, investors.com, March 19, 2024.“How to Make Money on Nvidia—And Take Much Less Risk,” by Matt Krantz, investors.com, March 14, 2024.OtherHow to Make Money in Stocks: A Winning System in Good Times or Bad, by William O’NeilThe Four Pillars of Investing: Lessons for Building a Winning Portfolio, by William BernsteinThe Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize Risks, by William Bernstein“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019.“Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 9, 2021.“Bill Bernstein: Revisiting ‘The Four Pillars of Investing,’” The Long View podcast, Morningstar.com, July 11, 2023.QuickenThinkorswim

Our guest on the podcast today is Victor Haghani. He is the co-author of a new book called The Missing Billionaires: A Guide to Better Financial Decisions. In 2011, Victor founded Elm Wealth, an investment advisory firm for high-net-worth individuals. He started his career at Salomon Brothers in 1984, where he became a managing director in the bond arbitrage group. And in 1993, he was a co-founding partner of Long-Term Capital Management. He graduated from the London School of Economics with a bachelor’s degree in economics.BackgroundBioElm WealthThe Missing Billionaires: A Guide to Better Financial Decisions, by Victor Haghani and James WhiteInvestment Sizing and Expected Utility“The Most Costly Investment Mistake You Can Make Is Easy to Avoid,” by Victor Haghani and James White, Bloomberg.com, Feb. 14, 2024.“Bigger Is the Enemy of Better Investing,” by Victor Haghani and Richard Dewey, businesstimes.com, March 20, 2021.Robert K. Merton“Merton Model: Definition, History, Formula, What It Tells You,” by Will Kenton, Investopedia.com, Aug. 10, 2022.“Lifetime Portfolio Selection Under Uncertainty: The Continuous-Time Case,” by Robert C. Merton, jstor.org, August 1969.“How Much of a Good Thing Is Too Much?” by Victor Haghani, linkedin.com, Oct. 11, 2022.“To Realize, or Not to Realize,” by Victor Haghani and James White, elmwealth.com, Oct. 22, 2020.Lifetime and Retirement Spending“Spending Like You’ll Live Forever,” by Victor Haghani and James White, elmwealth.com, April 6, 2021.“Cut Your Losses Early; Let Your Profits Run,” by Victor Haghani, linkedin.com, Aug. 8, 2023.Puzzles“George Costanza At It Again: The Leveraged ETF Episode,” by Victor Haghani and James White, elmwealth.com, April 16, 2020.“Who Wants Protection Like This?” by Victor Haghani, linkedin.com, Nov. 14, 2022.Other“Vic’s TEDx Talk: Where Are All the Billionaires and Why Should We Care?” Elmwealth.com, March 8, 2013.Matt LevineMichael LewisThe St. Petersburg ParadoxHal Hershfield“Hal Hershfield: People Treat Their Future Self as if It’s Another Person,” The Long View podcast, Morningstar.com, Sept. 21, 2021.Stumbling on Happiness, by Daniel GilbertWhen Genius Failed: The Rise and Fall of Long-Term Capital Management, by Robert LowensteinInventing Money: The Story of Long-Term Capital Management and the Legends Behind It, by Nicholas Dunbar

Our guest on the podcast today is Peter Mallouk. Peter is the President and CEO of Creative Planning, an independent registered investment advisor with roughly $300 billion in combined assets under management and advisement. Peter has also written or co-written several books, including The 5 Mistakes Every Investor Makes and How to Avoid Them, The Path: Accelerating Your Journey to Financial Freedom with Tony Robbins, and his latest, Money, Simplified. Peter graduated from the University of Kansas with four majors, including degrees in business administration and economics. He went on to earn a law degree and a Master of Business Administration degree, also at the University of Kansas.BackgroundBioCreative PlanningPathway Financial EducationBooksMoney, Simplified, by Peter MalloukThe 5 Mistakes Every Investor Makes and How to Avoid Them: Getting Investing Right, by Peter MalloukThe Path: Accelerating Your Journey to Financial Freedom, by Peter Mallouk, with Tony RobbinsPodcastsDown the Middle, with Peter Mallouk and Jonathan ClementsSignal or Noise? with Charlie Bilello and Peter MalloukCreative Planning“What to Expect in the Year Ahead,” by Peter Mallouk and Jonathan Clements, creativeplanning.com, Dec. 29, 2023.“Creative Planning Closes on Acquisition of Goldman Sachs Personal Financial Management,” by Diana Britton, wealthmanagement.com, Nov. 3, 2023.“Peter Mallouk: The No. 1 Thing to Look for in Investments Now,” by Dinah Wisenberg Brin, thinkadvisor.com, Feb. 27, 2023.“Tax-Loss Harvesting: What It Is and Why It Matters,” by Taylor Harroun, creativeplanning.com, Oct. 4, 2023.“The Media Has a Fiduciary Responsibility, But It’s Not to You,” by Peter Mallouk, creativeplanning.com, March 15, 2024.Other“How Financial Planners Actually Do Financial Planning (2023),” by Dan Inveen, Michael Kitces, and Meghaan Lurtz, kitces.com, 2023.

Our guest this week is our colleague, Bryan Armour, who is director of passive investment strategies research, North America, for Morningstar Research Services. Bryan is also editor of the ETFInvestor newsletter. Before joining Morningstar in 2020, Bryan spent seven years working for Finra, the Financial Industry Regulatory Authority, conducting trade surveillance and investigations specializing in exchange-traded funds. Prior to Finra, he worked for a proprietary trading firm as an options trader at the Chicago Mercantile Exchange. Bryan holds a BA in Economics from the University of Illinois and the Chartered Financial Analyst designation.BackgroundBioPassive Investing and ETFs“Index Funds Have Officially Won,” by John Rekenthaler, Morningstar.com, Feb. 13, 2024.“Active Funds Fell Short of Passive Peers in 2023,” by Bryan Armour, Morningstar.com, March 12, 2024.“It’s Official: Passive Funds Overtake Active Funds,” by Adam Sabban, Morningstar.com, Jan. 17, 2024.“ETFs vs. Mutual Funds: The Benefits That Really Matter,” by Bryan Armour, Morningstar.com, Feb. 6, 2024.“2023 Model Portfolio Landscape,” Morningstar.com.“Markets Are ‘Fundamentally Broken’ Due to Passive Investing, Says David Einhorn,” by William Watts, marketwatch.com, Feb. 9, 2024.“How Fund Fees Are the Best Predictor of Returns,” by Russ Kinnel, Morningstar.com, Jan. 12, 2026.“Cage Match: Traditional Index Funds vs. ETFs,” by Christine Benz and Margaret Giles, Morningstar.com, Oct. 20, 2023.“Global Fund Flows: 2023 in Review,” Morningstar.com, Feb. 6, 2024.“A Closer Look at Vanguard’s Newest Core Bond ETFs,” by Dan Sotiroff, Morningstar.com, Feb. 12, 2024.“3 New ETFs That Stand Out From the Pack,” by Ryan Jackson, Morningstar.com, Aug. 30, 2023.“Converting Mutual Funds to ETFs: What to Make of the Trend,” by Daniel Sotiroff, Morningstar.com, April 11, 2023.“How to Choose a Great Dividend ETF,” by Dan Sotiroff, Morningstar.com, May 17, 2023.“The Best and Worst New ETFs of 2023,” by Bryan Armour, Morningstar.com, Dec. 19, 2023.Bitcoin and Covered-Call ETFs“Spot Bitcoin ETFs Are Here. Should You Invest?” by Bryan Armour, Morningstar.com, Jan. 11, 2024.“Grayscale’s Victory Over the SEC Doesn’t Mean a Spot Bitcoin ETF—for Now,” by Bryan Armour, Morningstar.com, Aug. 30, 2023.“Should You Buy a Covered-Call ETF?” Video interview with Bryan Armour and Ruth Saldanha, Morningstar.com, June 14, 2023.Securities MentionediShares ESG Aware ETF ESGUiShares MSCI USA Quality Factor ETF QUALARK Innovation ETF ARKKGrayscale Bitcoin Trust (BTC) GBTCJPMorgan Equity Premium Income ETF JEPIGlobal X Nasdaq 100 Covered Call ETF QYLDVanguard’s High Dividend Yield ETF VYMBlackRock Flexible Income ETF BINCSchwab High Yield Bond ETF SCYBT. Rowe Price Capital Appreciation Equity ETF TCAF2x Bitcoin Strategy ETF BITXYieldMax AI Option Income Strategy ETF AIYYOther“The ETF Rule: What It Is and Why It Matters,” by Irene Huhulea, Investopedia.com, Jan. 25, 2024.

Our guest on the podcast today is Anne Lester. She’s author of a new book called Your Best Financial Life: Save Smart Now for the Future You Want. Before writing the book, Anne spent 20 years as head of retirement solutions for J.P. Morgan. With AARP, she co-founded The Aspen Leadership Forum on Retirement Savings. In 2020, Anne was recognized for her extraordinary lifetime contributions to Americans’ economic security with the Ray Lillywhite Award. She earned a master’s in international economics and Japan studies from Johns Hopkins University and a B.A. from Princeton. She was also awarded a Fulbright Graduate Research Fellowship.BackgroundBioYour Best Financial Life: Save Smart Now for the Future You Want, by Anne LesterMillennials, Money, and Investing“Don’t Make These 6 Money Mistakes in Your 30s, Says Former JPMorgan Retirement Expert,” by Anne Lester, cnbc.com, Jan. 4, 2022.“Fake Rich? Affluent Millennials Are More Likely to Exaggerate to Appear Wealthy. Here’s What Experts Say They Should Do Instead,” by Lorie Konish, cnbc.com, Jan. 25, 2024.“A Spender’s Guide to Surviving Financial Mistakes With Anne Lester,” Earn & Invest podcast, earnandinvest.com.“The Worst Money Advice on the Internet,” by Stephanie Hallett, businessinsider.com, June 2, 2022.“Setting Aside $20 a Day Could Help You Save $1 Million for Retirement —If You Start Early,” by Cheyenne DeVon, cnbc.com, Jan. 5, 2024.Target-Date Funds and Retirement Savings System“Retirement Experts Identify Possible Fixes to the Retirement Savings Gap,” by Paul Mulholland, planadviser.com, Oct. 3, 2022.“Quit Your Job? Here’s What to Do With Your 401(k),” by Jeanne Sahadi, cnn.com, Jan. 6, 2022.“Ladies, How Much Is Really Enough for Retirement?” hermoney.com, June 23, 2022.Other“Brigitte Madrian: ‘Inertia Can Actually Be a Helpful Thing,’” The Long View podcast, Morningstar.com, April 22, 2020.

Our guest this week is JB Taylor. JB is CEO of Wasatch Global Investors based in Salt Lake City, Utah, specializing in small-cap stocks. JB is also a portfolio manager on the Wasatch Core Growth Fund, which receives a Morningstar Medalist Rating of Gold. He is a member of the firm’s global research team, and he serves on the firm’s board of directors. JB joined Wasatch as an analyst in 1996 after graduating from Stanford.BackgroundBioWasatch Core Growth FundSmall-Cap Funds“A New Era for Small-Caps?” Wasatchglobal.com, Nov. 28, 2023.“After a Rough Year, Do Small-Caps Deserve a Closer Look?” Wasatchglobal.com, Jan. 13, 2023.“Market Scout—'Value’ Funds in a Growth Shop,” Wasatchglobal.com, Oct. 6, 2023.Investing Globally“Market Scout—On-the-Ground Research in India and China,” Wasatchglobal.com, July 7, 2023.“India: A View From the Ground,” Wasatchglobal.com, July 6, 2023.“China: A View From the Ground,” Wasatchglobal.com, June 27, 2023.OtherThe Ensign GroupO’Reilly Auto PartsCopart

Our guest this week is Sonali Pier. Sonali is a managing director and portfolio manager at Pimco, a global leader in fixed-income investing based in Newport Beach, California. Sonali is lead manager for the Pimco Diversified Income Fund, which carries a Gold rating from Morningstar, and she comanages a number of other strategies, including Pimco High Yield and two ETFs. She serves on various committees at Pimco, and she was honored early in her career as a Rising Talent by Morningstar’s Manager Research team. Prior to joining Pimco, Sonali was a senior credit trader at J.P. Morgan. She has a bachelor’s in economics from Princeton.BackgroundBio“The Top Female Portfolio Managers to Invest With Now,” by Megan Pacholok and Amrutha Alladi, Morningstar.com, March 6, 2023.Pimco Access Income FundPimco Dynamic Income Opportunities FundPimco Enhanced Low Duration Active ETFPimco Multisector Bond Active ETFPimco Credit Opportunities Bond FundPimco Diversified Income FundPimco High Yield FundPimco High Yield Spectrum FundPimco Low Duration Credit FundMacro Views and Asset-Class Reflections“Prime Time for Bonds,” by Erin Browne, Geraldine Sundstrom, and Emmanuel E. Sharef, pimco.com, Nov. 14, 2023.“Why Fixed Income Is Looking ‘Rather Attractive’ Given Potential Recession Risks,” Video interview, finance.yahoo.com, July 20, 2023.“The Power of Flexibility in Multi-Sector Credit,” Video, pimco.com, July 2023.“Inflation: ‘There’s Certainly a Pathway Towards a Soft Landing,’ Portfolio Manager Says,” Video interview, finance.yahoo.com, June 7, 2022.“Bond Market: Strategist Details Where to Find the ‘Sweet Spot’ in Fixed Income,” Video interview, finance.yahoo.com, Jan. 4, 2023.“Fed ‘Likely to Pause’ Following 25 Basis Point Rate Hike, Portfolio Manager Says,” Video interview, finance.yahoo.com, May 4, 2023.“Spotting Opportunities in the High Yield Ratings Migration,” by Sonali Pier and Sabeen Firozali, pimco.com, Jan. 24, 2022.

Our guest on the podcast today is Marc Freedman. He is the co-CEO and founder of Encore.org, which is now known as CoGenerate and is geared toward helping people pursue meaningful work later in life. Freedman is also the author of How to Live Forever: The Enduring Power of Connecting the Generations. He co-founded Experience Corps to mobilize people over 50 to improve the school performance and prospects of low-income elementary school students in 22 U.S. cities. Freedman also spearheaded the creation of the Encore Fellowships program, a one-year fellowship helping individuals translate their midlife skills into second acts focused on social impact, and the Purpose Prize, an annual $100,000 prize for social entrepreneurs in the second half of life. Freedman received his bachelor’s degree from Swarthmore College and his Master of Business Administration from the Yale School of Management.BackgroundBioCoGenerateExperience CorpsHow to Live Forever: The Enduring Power of Connecting the Generations, by Marc FreedmanAge Diversity“Overcoming Age Segregation,” by Marc Freedman and Trent Stamp, Stanford Social Innovation Review, March 15, 2021.“Will 2023 Be the Year That We Begin to Make the Most of Age Diversity in the Workplace?” by Ramona Schindelheim, WorkingNation, Dec. 27, 2022.“Harnessing the Power of Age Diversity,” by Alene Dawson, John Templeton Foundation, Oct. 31, 2023.“America Is Arguably the Most Age-Diverse Society in Human History—It’s High Time to Prepare for Our Increasingly Multigenerational Workforce,” by Ramona Shindelheim, WorkingNation, Dec. 10, 2023.Encore Careers“Encore Career: What It Is, How It Works, Prevalence,” by Julia Kagan, Investopedia, Jan. 16, 2022.Encore: Finding Work That Matters in the Second Half of Life, by Marc Freedman“The Case for Putting Seniors in Charge of Universal Pre-K | Opinion,” by Marc Freedman and Carol Larson, Newsweek, Nov. 29, 2021.The Purpose PrizeWork/Life Across Generations“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View podcast, Morningstar, Oct. 20, 2020.“Is America Ready to Unleash a Multigenerational Force for Good?” A National Opinion Survey From Encore.org With NORC at the University of Chicago.Other“The Globe: How BMW Is Diffusing the Demographic Time Bomb,” by Christoph Loch, Fabian J. Sting, Nikolaus Bauer, and Helmut Mauermann, Harvard Business Review, March 2010.From Strength to Strength, by Arthur BrooksMaggie KuhnHarvard Advanced Leadership InitiativeEncore FellowshipsDavid GalensonTroops to TeachersModern Elder AcademyLive to 100: Secrets of the Blue Zones“Dr. Anita Mukherjee: Exploring the Link Between Wealth, Longevity, and Quality of Life,” The Long View podcast, Morningstar, Oct. 10, 2023.Now TeachMichael GurvenThe Encore Career Handbook, by Marci Alboher

Our guest on the podcast today is Roger Young. Roger is thought leadership director at T. Rowe Price, where he and his team conduct research on retirement planning and financial planning matters. Roger has been with T. Rowe Price since 2017. Prior to that, he was a financial advisor at Wells Fargo Advisors, and he’s also held a number of corporate finance roles. Roger earned an M.S. in manufacturing and operations systems from Carnegie Mellon University, an M.S. in operations research and statistics from the University of Maryland, and a B.B.A. in accounting from Loyola University, Maryland. He is a Certified Financial Planner professional.BackgroundBioThought Leadership Projects“How Coordinating Beneficiary Designations Can Increase Your After-Tax Legacy,” by Roger Young, troweprice.com, Oct. 12, 2023.“Is Financial Advice Worth Paying For? Investors Share Their Perspectives,” by Roger Young, troweprice.com, Oct. 25, 2023.Retirement: Financial Considerations“2024 U.S. Retirement Market Outlook,” troweprice.com.“How to Make Sure You Won’t Outlive Your Retirement Savings,” by Jasmin Suknanan, cnbc.com, July 30, 2023.“How to Determine the Amount of Income You Will Need at Retirement,” by Roger Young, troweprice.com, Feb. 1, 2023.“A Closer Look at RMDs and the New SECURE 2.0 Rules,” by Roger Young, troweprice.com, July 24, 2023.“Spenders vs. Savers: How to Determine Your Retirement Spending Personality,” troweprice.com, Dec. 7, 2023.“How to Make Your Retirement Account Withdrawals Work Best for You,” by Roger Young, troweprice.com, Aug. 7, 2023.“Helpful Options to Take Into Consideration for Your 401(k) at Retirement,” by Roger Young and Judith Ward, troweprice.com, Feb. 6, 2024.“A Closer Look at RMDs and the New SECURE 2.0 Rules,” by Roger Young, troweprice.com, July 24, 2023.“How Catch-Up Contributions Help You Reach Your Retirement Savings Goal,” by Roger Young, troweprice.com, Sept. 12, 2023.Retirement: Nonfinancial Considerations“Beyond Retirement Savings: How to Achieve the Post-Career Life You Want,” by Roger Young, troweprice.com, Sept. 26, 2023.“4 Things to Do in the Decade Leading Up to Retirement,” by Roger Young and Judith Ward, troweprice.com, April 10, 2023.“‘Unretiring’: Why Recent Retirees Want to Go Back to Work,” by Judith Ward, troweprice.com, Sept. 18, 2023.“5 Important Factors to Consider When Planning for Retirement,” T. Rowe Price, forbes.com, Dec. 19, 2022.“Need to Boost Your Retirement Savings? Spend Less to Save More,” by Lindsay Theodore, troweprice.com, Jan. 23, 2024.Other“The State of Retirement Income 2023,” by Amy Arnott, John Rekenthaler, and Christine Benz, Morningstar.com, November 2023.Retire, Inc.

Our guest this week is Justin Leverenz, who is the team leader and senior portfolio manager for the emerging-markets equity team at Invesco. Leverenz joined Invesco when it combined with OppenheimerFunds in 2019. He started managing the strategy now known as Invesco Developing Markets in May 2007, having joined Oppenheimer as a research analyst in 2004. Before that, he was the director of Pan-Asian technology research for Goldman Sachs. Leverenz has worked in Taiwan and Scotland. He is a fluent Mandarin speaker, and he holds bachelor’s and master’s degrees from the University of California.BackgroundBioInvesco Developing MarketsMarket View“Mexico: A Few Reasons Why We’re Bullish on This Neglected Developing Market,” by Justin Leverenz, Invesco, March 17, 2023.“The Case for Mexican Equities,” by Justin Leverenz, LinkedIn, April 6, 2023.Emerging Markets“FAQ: Our Active Approach to Emerging Markets,” by Justin Leverenz, Invesco, June 12, 2023.“The Case for Emerging Markets,” by Justin Leverenz, LinkedIn, May 2, 2023.“Why a Huge Emerging-Markets Fund Is Reopening to New Investors,” by Gregg Wolper, Morningstar, Feb. 16, 2023.“What Is Going on With Chinese Equities?” by Justin Leverenz, LinkedIn, July 28, 2023.“Why Hasn’t Fed Tightening Led to an EM Crisis?” by Justin Leverenz, LinkedIn, June 23, 2023.“Invesco’s Justin Leverenz—Putting Emerging Markets Challenges Into Perspective,” WealthDFM, May 26, 2022.Growth Themes“Electric Vehicles and Renewable Power Fuel Emerging Market Investment Opportunities,” by Justin Leverenz, LinkedIn, Nov. 15, 2023.“Western Spirits Companies Turning to China and India to Fuel Growth,” by Justin Leverenz, Invesco, May 22, 2023.“Chinese Health Care Companies: A Growing Force for Global Innovation,” by Justin Leverenz, LinkedIn, March 16, 2021.“Humans vs. Machines: Who Has the Edge in Emerging Markets?” by Justin Leverenz, Invesco, April 3, 2023.Funds/Companies MentionedYum ChinaH WorldZTOTencentNetEaseGrupo MexicoPinduoduo

Our guests this week are Joel Fried and Al Mordecai of Primecap Management. Primecap is the longtime manager of several Vanguard funds, including Vanguard Primecap, as well as the Primecap Odyssey family of funds. This year, Vanguard Primecap will celebrate its 40th anniversary as a mutual fund. Over its life, Vanguard Primecap has handily topped the broad U.S. stock markets and relevant growth indexes, and Primecap’s other funds have also racked up impressive results. Morningstar has recognized Primecap for its successful record in shareholder-friendly practices on several occasions, most recently in the 2022 Morningstar Awards for Investing Excellence, when our analysts named the firm as the winner in the Exemplary Stewardship category. Before that, Primecap was a two-time winner of Morningstar’s annual Manager of the Year award.BackgroundJoel Fried bioAl Mordecai bioPrimecap Management“U.S. Morningstar Awards for Investing Excellence: The Winners,” by Sarah Bush, Morningstar.com, April 20, 2022.“Morningstar Awards for Investing Excellence: Exemplary Stewardship Nominees,” by Gabriel Denis, Morningstar.com, March 14, 2023.Funds and Companies MentionedPrimecap Odyssey StockPrimecap Odyssey GrowthPrimecap Odyssey Aggressive GrowthVanguard Capital OpportunityAmerican Funds AMCAPAdobeEli LillySplunkAlibabaBaidu

Our guest this week on The Long View is Jody Jonsson. Jody is a 33-year veteran of Capital Group, a Los Angeles-based investment manager, where she is vice chair. Since 2005, Jody has been a portfolio manager on American Funds New Perspective, a global equity strategy, for which she has been honored with various Morningstar awards over the years. She serves on the management committee and the target-date solutions committee for Capital and was an equity analyst for many years after getting degrees from Princeton and Stanford.BackgroundBioCapital GroupAmerican Funds New PerspectiveInvestment Company InstituteGlobal Investing“New Reality for Investors: 5 Big Trends Changing Markets,” by Jody Jonsson, capitalgroup.com, Nov. 2, 2022.“Multinational Companies Can Thrive in Tough Times,” by Jody Jonsson, capitalgroup.com, March 2, 2023.“Outlook: Long-Term Perspective on Markets and Economies,” Jody Jonsson, capitalgroup.com, 2023 edition.“Emerging Markets: Positive Signs Even as China Slows,” by F. Chapman Taylor, Lisa Thompson, Brad Freer, and Kent Chan, capitalgroup.com, Oct. 18, 2023.Markets, Artificial Intelligence, and ETFs“The Changing Face of Trade: Idea-Driven Companies Come to the Fore,” Capital Ideas, Investment Insights from Capital Group, capitalgroup.com, Nov. 7, 2023.“Magnificent Seven: What Do You Need to Believe?” by David Polak, capitalgroup.com, Jan. 9, 2024.“AI: What It Means for Investors,” by Mark Casey, Richmond Wolf, and Drew Macklis, capitalgroup.com, April 13, 2023.“AI and the New Megacycle for Tech,” by Julien Gaertner, Drew Macklis, and Mihir Mehta, capitalgroup.com, July 25, 2023.“The World in 2030: Investing for the Next Decade,” by Martin Romo and Jody Jonsson, capitalgroup.com, Feb. 19, 2021.“Meet the Suite: Exploring the Potential Benefits of Capital Group’s ETF Lineup,” capitalgroup.com, Oct. 2, 2023.

Our guest on the podcast today is Howard Gleckman. He is the author of a book called Caring for Our Parents and an expert on the topic of aging and caregiving. Howard is also a senior fellow at the Urban Institute where he is affiliated with the Tax Policy Center and the Program on Retirement Policy. He also writes a tax and budget policy blog called TaxVox, which is available at Forbes.com. Before joining the Urban Institute, he was a senior correspondent in the Washington Bureau of Businessweek.BackgroundBioUrban InstituteTaxVox blogCaring For Our Parents, by Howard GleckmanLong-Term Care and Cognitive Decline“Is Long-Term Care a Predictable Need, or an Unexpected One?” by Howard Gleckman, Forbes.com, April 15, 2022.“The U.S. Needs to Help Seniors and Their Families Navigate Long-Term Care,” by Howard Gleckman, Forbes.com, Oct. 11, 2022.“The Quiet Struggles With Those Living Alone With Memory Loss,” by Howard Gleckman, Forbes.com, July 18, 2023.“Which States Provide the Best—and Worst—Long-Term Care Services?” by Howard Gleckman, howardgleckman.com, Oct. 2, 2023.“Why Are Care Delivery Models for People With Dementia Developing so Slowly?” by Howard Gleckman, howardgleckman.com, June 27, 2023.“FDA Has Approved the Anti-Alzheimer’s Drug, Leqembi. What You Need to Know,” by Howard Gleckman, howardgleckman.com, July 6, 2023.“Experts Raise Questions About the Safety of Anti-Alzheimer’s Drug Leqembi,” by Howard Gleckman, howardgleckman.com, April 25, 2023.“Aging in Place Is all the Rage, But It’s Not Easy,” by Howard Gleckman, Forbes.com, March 21, 2022.Cost of Care“Medicaid Will Pay for a Common Alzheimer’s Test But It May Not Be Reliable,” by Howard Gleckman, howardgleckman.com, Jan. 9, 2024.“Why Medicare Is Right to Negotiate Drug Prices,” by Howard Gleckman, howardgleckman.com, Aug. 30, 2023.“The Biggest Barrier to New Anti-Alzheimer’s Drugs May Be Cost, Not Medicare Rules,” by Howard Gleckman, howardgleckman.com, June 14, 2023.“The War Over Whether Medicare Should Pay for new Anti-Alzheimer’s Drugs,” by Howard Gleckman, howardgleckman.com, May 17, 2023.“The U.S. Predicts Big Increases in Skilled Nursing and Long-Term Care Costs,” by Howard Gleckman, howardgleckman.com, April 14, 2023.“Should You Enroll in a Medicare Advantage Plan?” by Howard Gleckman, howardgleckman.com, Nov. 1, 2022.Government and Policy“CMS’ New Transparency Rule Can Help ‘Weed Out a Few Bad Actors’ but Won’t Impact Deals Much, Other Factors at Play,” by Shelby Grebbin, skillednursingnews.com, Dec. 6, 2023.“Forbes’ Gleckman: Biden’s PE Ownership Scrutiny Is ‘Two Beats Behind,’” by Amy Stulick, skillednursingnews.com, April 28, 2022.“Who Really Owns Nursing Homes, and How the Feds Are About to Learn More,” by Howard Gleckman, howardgleckman.com, Nov. 27, 2023.“Should State Long-Term Care Insurance Funds Invest in Stocks?” by Howard Gleckman, howardgleckman.com, June 22, 2023.Caregivers“Forget National Caregivers Month. Think About What Family Caregivers Need,” by Howard Gleckman, howardgleckman.com, Nov. 7, 2023.“For the First Time, Traditional Medicare Will Pay to Support Family Caregivers,” by Howard Gleckman, howardgleckman.com, Aug. 23, 2023.OtherLotsa Helping HandsMedicare.govFive-Star Quality Rating System

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with portfolio managers and other investment specialists over the past year. It’s the companion to last week’s “Best Of” episode, in which Christine compiled some of her favorite moments from conversations we’ve had with financial planners, advisors, and retirement researchers.“Bill Bernstein: Revisiting the Four Pillars of Investing,” The Long View podcast, Morningstar.com, July 11, 2023.“David Giroux: ‘I Want to Look Forward, Not Backward,’” The Long View podcast, Morningstar.com, Oct. 3, 2023.“Bill Nygren: The State of Value Investing Today,” The Long View podcast, Morningstar.com, Aug. 15, 2023.“Michael Santoli: Decoding ‘an Indecisive Market,’” The Long View podcast, Morningstar.com, Sept. 26, 2023.“Rick Rieder: Explaining the ‘Polyurethane’ U.S. Economy,” The Long View podcast, Morningstar.com, Aug. 22, 2023.“Jeffrey Kleintop: What to Make of ‘the Cardboard Box Recession,’” The Long View podcast, Morningstar.com, Oct. 17, 2023.“Katie Nixon: Bringing a Blurry Market Into Focus,” The Long View podcast, Morningstar.com, Aug. 29, 2023.“Martin Lau: Revisiting the Case for Investing in Chinese Stocks,” The Long View podcast, Morningstar.com, Sept. 19, 2023.“Jeremy Schwartz: Why Stocks Are Good Inflation Hedges,” The Long View podcast, Morningstar.com, June 13, 2023.“Joel Tillinghast: The Art of Investing,” The Long View podcast, Morningstar.com, May 30, 2023.“Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More,” The Long View podcast, Morningstar.com, May 16, 2023.“Liz Ann Sonders: Navigating a New ‘Temperamental Era’ in Markets,” The Long View podcast, Morningstar.com, May 2, 2023.“James Choi: How to Improve the Way We Present and Make Investment Choices,” The Long View podcast, Morningstar.com, April 4, 2023.“Lubos Pastor: ‘Judging Fund Managers by the Company They Keep,’” The Long View podcast, Morningstar.com, March 7, 2023.

On this week’s episode, we’ll feature some of our favorite clips from interviews we’ve done with financial planners, advisors, and retirement researchers over the past year. In next week’s episode, we’ll include some of our favorite excerpts from our interviews with portfolio managers and other investment specialists.The Best-Of Show Notes“Tiffany Aliche: Helping People ‘Move Past the Shame’ of Money Missteps,” The Long View podcast, Morningstar.com, Nov. 21, 2023.“Scott Burns: The Case for a Simple Retirement Plan,” The Long View podcast, Morningstar.com, Nov. 7, 2023.“JL Collins: The Many Paths to Financial Independence,” The Long View podcast, Morningstar.com, Oct. 31, 2023.“Jill Schlesinger: ‘The Great Money Reset,’” The Long View podcast, Morningstar.com, April 18, 2023.“Ramit Sethi: Investing Shouldn’t Be Your Identity,” The Long View podcast, Morningstar.com, June 6, 2023.“Katie Gatti Tassin: ‘Openness Has Been a Bit of a Secret Sauce,’” The Long View podcast, Morningstar.com, Jan. 31, 2023.“Manisha Thakor: Finding Your Enough,” The Long View podcast, Morningstar.com, Aug. 8, 2023.“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.“William Bernstein: Revisiting ‘The Four Pillars of Investing,’” The Long View podcast, Morningstar.com, July 11, 2023.“Jonathan Clements: ‘Humility Is a Hallmark of People Who Are Financially Successful,’” The Long View podcast, Morningstar.com, April 25, 2023.“Robert Powell: ‘How Do I Generate Income?’” The Long View podcast, Morningstar.com, March 14, 2023.“Kelli Hueler: Confronting the ‘Next Big Risk’ for Retirement,” The Long View podcast, Morningstar.com, Sept. 12, 2023.“John Rekenthaler and Amy Arnott: What’s a Safe Retirement Spending Rate Today?” The Long View podcast, Morningstar.com, Nov. 14, 2023.“Derek Tharp: An Alternative Approach to Calculating In-Retirement Withdrawals,” The Long View podcast, Morningstar.com, Feb. 21, 2023.“Dan Haylett: Retirement Planning = Life Planning,” The Long View podcast, Morningstar.com, Dec. 5, 2023.“Mike Piper: Financial Considerations for People Who Have Enough,” The Long View podcast, Morningstar.com, May 23, 2023.“Mark Miller: Rebooting Retirement,” The Long View podcast, Morningstar.com, Jan. 10, 2023.“Eric Weigel and Fritz Gilbert: Uncovering Blind Spots in Retirement Planning,” The Long View podcast, Morningstar.com, June 27, 2023.

On the podcast today, we welcome back Jonathan Clements, who was among our first guests when we launched this podcast back in 2019. Jonathan is the founder and editor of HumbleDollar, and he is also the editor of a new book called My Money Journey, which is a compilation of essays from 30 individuals about how they found financial freedom. Jonathan also sits on the advisory board of Creative Planning, one of the country’s largest independent financial advisors and is the author of nine personal finance books. 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 U.S. Wealth Management arm.BackgroundBioHumbleDollarMy Money Journey, edited by Jonathan ClementsCurrent Conditions“What I Don’t Own,” by Jonathan Clements, humbledollar.com, March 4, 2023.“Happy Talk,” by Jonathan Clements, humbledollar.com, Nov. 19, 2022.“Behaving Badly,” by Jonathan Clements, humbledollar.com, Sept. 18, 2021.“Nine Roads to Ruin,” by Jonathan Clements, humbledollar.com, March 6, 2021.“New Rules for Success,” by Jonathan Clements, humbledollar.com, Nov. 26, 2022.“Pay It Down,” by Jonathan Clements, humbledollar.com, Aug. 17, 2019.Indexing, Retirement, and Real Estate“Four Questions,” by Jonathan Clements, humbledollar.com, Feb. 22, 2020.“Jonathan’s Portfolio,” by Jonathan Clements, humbledollar.com.“Mix and Match,” by Jonathan Clements, humbledollar.com, Dec. 4, 2021.“Risking My Life,” by Jonathan Clements, humbledollar.com, Aug. 8, 2020.“Jonathan’s Retirement,” by Jonathan Clements, humbledollar.com.“How to Overhaul Your Retirement Portfolio in Just 7 Days,” by Jonathan Clements, money.com, Jan. 3, 2019.“The Long Game,” by Jonathan Clements, humbledollar.com, Feb. 4, 2023.“Jonathan’s Homes,” by Jonathan Clements, humbledollar.com.Theory and Thrift“Helpful in Theory,” by Jonathan Clements, humbledollar.com, Feb. 11, 2023.“Don’t Overdo It,” by Jonathan Clements, humbledollar.com, Jan. 23, 2021.Other“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.“Credit Scores and Committed Relationships,” by Jane Dokko, Geng Li, and Jessica Hayes, federalreserve.gov, August 2015.Morningstar Investment Conference 2023If you’re looking for even more investing insights, data, and analysis, join us at this year’s Morningstar Investment Conference, April 25 through 27 in Chicago. We have a great agenda this year, featuring top financial minds from market gurus like Liz Ann Sonders to great investors like Steve Romick to retirement planning experts like Mary Beth Franklin and Dr. Laura Carstensen. There’s something for everyone looking to tackle the challenges and opportunities for investors in the current market. We’re in-person only this year. So, check out the link in our show notes to register. We’re looking forward to seeing you in Chicago.

Today on the podcast we welcome back Tim Steffen, who is the director of advanced planning for Baird. In that role, he researches, writes, and speaks about various planning and tax matters, including retirement planning, executive compensation, legislative changes, and overall best practices. Steffen originally joined Baird in 1999, serving in a variety of planning-oriented roles. He left Baird in 2019 to join the advisor education team at Pimco, then returned to Baird in 2021. Prior to 1999, Steffen worked in Arthur Andersen’s Private Client Services Group. He earned his bachelor’s degree in accounting from the University of Illinois. He’s a certified public accountant/personal financial specialist, a certified financial planner, and a certified private wealth advisor.BackgroundBio“Tim Steffen: Tax-Saving Strategies for a Falling Market,” The Long View podcast, Morningstar, Sept. 20, 2022.Tax Changes in 2024“Highlights of the Secure 2.0 Act,” by Tim Steffen, Baird Wealth, September/October 2023.“Secure 2.0 Act Summary: New Retirement Plan Rules to Know,” by Kelley R. Taylor, Kiplinger, July 17, 2023.“A Smaller Tax Bill in 2024 Starts in 2023,” by Tim Steffen, Baird Wealth, Oct. 18, 2023.“‘Tis the Season for Giving,” by Jonathan Raymon and Scott Grenier, Baird Wealth, Oct. 18, 2023.“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar, Nov. 6, 2023.Tax Cuts and Jobs Act“Tax Cuts and Jobs Act: A Comparison for Businesses,” IRS.gov.“2024 Tax Brackets,” by Alex Durante, Tax Foundation, Nov. 9, 2023.“State and Local Tax (SALT): Definition and How It’s Deducted,” by Michelle P. Scott, Investopedia, Oct. 29, 2023.“Alternative Minimum Tax (AMT) Definition, How It Works,” by Jim Probasco, Investopedia, Jan. 2, 2023.“Don’t Get Tripped Up by These Tax-Reporting Missteps,” Interview With Christine Benz and Tim Steffen, Morningstar, Jan. 8, 2019.Tax-Efficient Portfolio Planning and Retirement“Why Municipal-Bond Funds Are Worth a Look,” by Amy Arnott, Morningstar, Nov. 14, 2022.“Understanding 401(k) Contribution Limits,” by Debbie Carlson, Paul Curcio, and David Tony, CNN, Nov. 15, 2023.“The Three Tests Before a Roth Conversion,” by Tim Steffen, Baird Wealth, Oct. 16, 2023.“Are IRA Conversions a Good Idea During Volatility?” Interview With Christine Benz and Tim Steffen, Morningstar, May 12, 2020.“4 Timeless Tax Planning Insights for Advisors,” by John Manganaro, Think Advisor, Oct. 11, 2022.

Our guest this week on The Long View is Ben Inker. Ben is the head of asset allocation at GMO, a Boston-based investment manager famous for its asset-class forecasting. Ben joined GMO in 1992 after completing his bachelor’s in economics from Yale. He’s been an analyst, a portfolio manager, and a CIO, and is a partner and board member for the firm.BackgroundBioGMO U.S. Quality ETFGMO Benchmark-Free Allocation IIIReflecting on the Past Few Years“GMA Questions Links Between Higher Interest Rates and Value Stocks,” by Eric Rasmussen, fa-mag.com, March 27, 2021.“GMO’s Inker: Why Investors Shouldn’t Fear a Recession in 2022,” by Jeff Berman, thinkadvisor.com, June 30, 2022.“Profiting From a Bubble in Growth Stocks,” webcast with Jeremy Grantham, Simon Harris, Ben Inker, and Catherine LeGraw, GMO.com, March 25, 2021.“GMO: There’s Joy in Missing Out,” by Julie Segal, institutionalinvestor.com, Jan. 31, 2023.Current Outlook“Update on the Bursting Bubble in Growth Stocks,” webcast with Jeremy Grantham, Simon Harris, and Ben Inker, GMO.com, June 15, 2022.“Beyond the Landing,” by Ben Inker and John Pease, GMO.com, 3Q 2023.“Value Is Really More Resilient in a Recession Than You Think,” by Ben Inker, Catherine LeGraw, and John Thorndike, GMO.com, June 6, 2023.“Value Does Just Fine in Recessions,” by Ben Inker, GMO.com, June 1, 2023.Non-U.S.“Japan: This Time Really Is Different,” by Drew Edwards, Rick Friedman, and Ben Inker, GMO.com, Sept. 6, 2023.Other“Ben Inker: ‘The Portfolio We’re Running Today Is Abnormal Even for Us,’” The Long View podcast, Morningstar.com, July 28, 2020.“Jeremy Grantham: The U.S. Market Is in a Super Bubble,” The Long View podcast, Morningstar.com, Feb. 8, 2022.

Our guest on the podcast today is Dan Haylett. Dan is a financial planner and head of growth for TFP Financial Planning based in the United Kingdom. Dan focuses on financial planning, retirement planning, and life planning for people over age 50. He also hosts a podcast called The Humans vs. Retirement that is centered on the behavioral aspects of retirement. Prior to joining TFP, Dan occupied several positions in the asset-management industry.BackgroundBioTFP Financial PlanningThe Humans vs. Retirement podcastRetirement“How to Become a ‘Retirement Rebel’ for a Higher ‘Return on Life,’” by Dan Haylett, humansvsretirement.com.“Retirement Is a Flawed Concept, With Carl Richards,” The Humans vs. Retirement podcast, humansvsretirement.com, June 19, 2023.“Navigating the Changing Relationship With Your Spouse in Retirement, With Ashley Quamme,” The Humans vs. Retirement podcast, humansvsretirement.com, June 5, 2023.Identity and Purpose“Retiring With a Bang: Harvard’s 85-Year Study Unlocks Secrets to a Long and Happy Life,” by Dan Haylett, humansvsretirement.com.“Happiness, Fulfillment, and Contentment in Retirement,” by Dan Haylett, humansvsretirement.com.“The Anchors of Retirement Well-Being,” by Dan Haylett, humansvsretirement.com.“Retirement Should Not Be Viewed as the Third and Final Phase of Life,” by Dan Haylett, humansvsretirement.com.Psychology of Spending“Understanding the Deep-Seated Fear of Running Out of Money and Its Impact on Retirement,” by Dan Haylett, humansvsretirement.com.“From 4% Rule to 8% Fool: Unleashing Your Inner Retirement Spending Rockstar,” by Dan Haylett, humansvsretirement.com.“The Psychology Behind Spending Money in Retirement,” by Dan Haylett, humansvsretirement.com.“Annuitized Income and Optimal Asset Allocation,” by David Blanchett and Michael Finke, papers.ssrn.com, Sept. 22, 2017.“Dan Haylett: Is It Good Advice to Give Money Away?” by Dan Haylett, essexcommunityfoundation.org.uk, July 27, 2022.Other“Lessons and Experiences Through the Lens of a Real-Life Retirement Journey, With Andy Murphy,” The Humans vs. Retirement podcast, humansvsretirement.com, June 26, 2023.“6 Weeks Into His Retirement! An Inspirational Real Retirement Story With Neil Jones,” The Humans vs. Retirement podcast, humansvsretirement.com, Nov. 17, 2023.“How to Light Your Retirement Torch With the Father of Life Planning, George Kinder,” The Humans vs. Retirement podcast, humansvsretirement.com, Oct. 6, 2023.“Carl Richards: It Should Be OK to Relax Out Loud,” The Long View podcast, Morningstar.com, July 27, 2021.“Michael Kitces: How Higher Yields Affect Asset Allocation and Retirement Planning,” The Long View podcast, Morningstar.com, May 9, 2023.Mitch AnthonyPaul Armson