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Bernstein: 'I Don't Think the System Needs Nudges. I Think the System Needs Dynamite.'

In the first installment of Morningstar's new podcast, noted author and investment advisor Bill Bernstein riffs on the role of bonds, hazards in the market today, and fixing the system.

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For the inaugural episode of The Long View, a new weekly podcast from Morningstar, hosts Christine Benz and Jeff Ptak interviewed noted investment advisor and author William Bernstein.

Bill's entree into the world of investments was a circuitous one: A neurologist by training, he taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as The Intelligent Asset Allocator, The Four Pillars of Investing, and The Investor's Manifesto. During the course of this conversation, Bill discusses his background and how it shaped his development and thinking as an investor. He also talks about how he applies those lessons in working with clients who are trying to meet goals like a comfortable, secure retirement. In addition, Bill opines on how the retirement system could be improved, whether factor investing works, and which asset classes look especially expensive today. In future episodes, the featured guests will change but the extensiveness of the conversation won't. Some discussions may be more biographical, with details about guests' professional histories. Other interviews may delve deeper into their perspectives on the industry, best practices, and competitive landscapes.

About the Podcast: The Long View is a new podcast from Morningstar. Each week, hosts Christine Benz and Jeff Ptak will conduct an in-depth discussion with a thought leader from the world of investing or personal finance. The podcast is produced by George Castady and Scott Halver. About This Week's Guest: William J. Bernstein, Ph.D., M.D., is a neurologist and the cofounder of the investment management firm Efficient Frontier Advisors. He is the author of several books on finance and economic history, including The Intelligent Asset Allocator, The Four Pillars of Investing, The Investor's Manifesto, and The Birth of Plenty. About the Hosts: Christine Benz and Jeff Ptak have been analysts and commentators on investments and the investment industry for many years. Christine is Morningstar's director of personal finance and senior columnist for Morningstar.com. Jeff is head of global manager research in Morningstar Research Services, overseeing Morningstar's team of 120 manager research analysts in the U.S. and overseas.

To Share Feedback or a Guest Idea: Write us at TheLongView@morningstar.com.

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About the Authors

Christine Benz

Director
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Christine Benz is director of personal finance and retirement planning for Morningstar, Inc. In that role, she focuses on retirement and portfolio planning for individual investors. She also co-hosts a podcast for Morningstar, The Long View, which features in-depth interviews with thought leaders in investing and personal finance.

Benz joined Morningstar in 1993. Before assuming her current role she served as a mutual fund analyst and headed up Morningstar’s team of fund researchers in the U.S. She also served as editor of Morningstar Mutual Funds and Morningstar FundInvestor.

She is a frequent public speaker and is widely quoted in the media, including The New York Times, The Wall Street Journal, Barron’s, CNBC, and PBS. In 2020, Barron’s named her to its inaugural list of the 100 most influential women in finance; she appeared on the 2021 list as well. In 2021, Barron’s named her as one of the 10 most influential women in wealth management.

She holds a bachelor’s degree in political science and Russian language from the University of Illinois at Urbana-Champaign.

Jeffrey Ptak

Chief Ratings Officer, Research
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Jeffrey Ptak, CFA, is chief ratings officer for Morningstar Research Services LLC, a wholly owned subsidiary of Morningstar, Inc.

Before assuming his current role, Ptak was head of global manager research. Previously, he was president and chief investment officer of Morningstar Investment Services, Inc., an investment unit that provides managed portfolio services through fee-based, independent financial advisors, for six years. Ptak joined Morningstar in 2002 as a senior mutual fund analyst and has also served as director of exchange-traded fund analysis, editor of Morningstar ETFInvestor, and an equity analyst. He briefly left Morningstar to become an investment products analyst for William Blair & Company, and earlier in his career, he was a manager for Arthur Andersen.

Ptak also co-hosts The Long View podcast with Morningstar's director of personal finance and retirement planning, Christine Benz. A full episode list is available here: https://www.morningstar.com/podcasts/the-long-view. You can find him on social media at syouth1 (X/fka 'Twitter') and he's also active on LinkedIn.

Ptak holds a bachelor’s degree in accounting from the University of Wisconsin and the Chartered Financial Analyst® designation.

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