Episode 108
Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle
The author and columnist unpacks the benefits and limitations of annuities in an era of ultralow yields.
The Long View
Expand your investing horizons and look to the long term. Join hosts Christine Benz and Jeff Ptak as they talk to influential leaders in investing, advice, and personal finance about a wide-range of topics, such as asset allocation and balancing risk and return.
Episodes
Episode 107
Mike Piper: Delaying Social Security Not Always a Good Deal
The author and Social Security expert discusses the best and worst times to claim Social Security, Roth versus traditional IRAs, and how retirees can protect against a weak market.
Episode 106
Jason Hsu: China Is 'the Last Great Remaining Alpha Reservoir'
The founder and chairman of Rayliant Global Advisors discusses the promise and challenges of investing in China, machine learning, and the investor timing gap.
Episode 105
Joe Davis: 'We Will See China-Like Growth for a Time in the United States'
Vanguard’s chief economist discusses his team’s latest research, how the pandemic has changed the economy, and the future of work.
Episode 104
John Rogers, Jr.: 'Be Willing to Talk About These Uncomfortable Issues'
The Ariel Investments founder and chairman shares his views on diversity, equity, and inclusion, value’s resurgence, stock-picking, and more.
Episode 103
Paul Merriman: ‘This Is Not Just a Problem with Retail Amateur Investors’
The author and financial educator discusses his commitment to indexing, why he believes in small value stocks, and the perils of performance-chasing.
Episode 102
Ted Seides: 'How Do You Learn to Listen?'
The author and “Capital Allocators” podcast host discusses his new book, the various guests he has interviewed, and the reason why he shared his portfolio with the world.
Episode 101
Bill Schultheis: Long-Term Investors Are 'Silent Majority'
The author and financial advisor discusses the importance of tuning out the noise, helping clients align their money with their life goals, and what it means to be a 'coffeehouse investor.'
Episode 100
Bill Bernstein: We're Starting to See all of the Signs of a Bubble
The author and investment advisor joins us for our 100th episode to discuss his new book, value stocks and inflation, and the current market environment.
Episode 99
Meg Bartelt: 'More Money Does Not Make You Happier'
The Flow Financial founder talks about supporting women in the tech industry, IPOs and restricted stock, and what it means to be a financial life planner.
Episode 98
Hamish Douglass: On the Hunt for Super-Compounding Stocks
The uber-successful manager of Magellan Global Equity discusses the firm's unusual origin story, China, and how to build a cohesive world-stock portfolio.
Episode 97
Russel Kinnel: 'Fear and Greed Are the Enemy of Good Investing'
Morningstar’s director of manager research on 'Flowmageddon,' seismic shifts in the fund industry, and why fund-company mergers usually fizzle.
Episode 96
NYT's Ron Lieber on What and How to Pay for College
The author and The New York Times columnist discusses college during the pandemic, the 'psychological head trick' of merit-based financial aid, and what's driving college costs upward.
Episode 95
David Giroux: 'What Are the Market Inefficiencies We Can Exploit?'
A two-time Morningstar Fund Manager of the Year winner on the benefits of concentration, the attractions of utilities and BB bonds, and his team's focus on "return on time spent."
Episode 94
Gerard O’Reilly: Control for the Unexpected, Focus on the Expected
DFA’s co-CEO and chief investment advisor shares the latest on the launch of its ETFs, the importance of client relationships, and the role of academic research in the firm.
Episode 93
George Kinder: A Financial Plan Needs To Be a Life Plan
The father of the life planning movement discusses his famous 3 questions, training financial advisors to go deeper, and the climb toward a fiduciary standard.
Episode 92
Steve Chen: 'How Do You Deliver Lifetime Income?'
The NewRetirement founder discusses how retirement planning can be simplified, the role of automation, and the challenges facing new retirees.
Episode 91
Liz Ann Sonders: 'We Could See Some Inflation Scares'
Schwab's chief investment strategist discusses the impact of the pandemic in 2020 and what the new year will bring for the market and the economy.
Episode 90
Best of the Long View 2020: The Pandemic and Investing
From coronavirus to ESG, these are some of the most memorable moments from our podcast in 2020.
Episode 89
Best of the Long View 2020: Financial Planning and Retirement
From financial-life planning to the latest retirement research, these are some of the most memorable moments from our podcast in 2020.
Episode 88
Jean Chatzky: 'Financial Stress Is a Big Topic in Need of More Oxygen'
The financial expert and author discusses how the pandemic can improve financial habits, what works in financial education, and the link between financial stress and well-being.
Episode 87
Simon Hallett: What Football Can Teach Investors About Franchise Value and People Management
The Harding Loevner co-CIO discusses what it's like to own a soccer team, his thoughts on behavioral finance, and the people and processes that make up the firm.
Episode 85
Michael Jantzi: Making 'Informed Choices' in Sustainable Investing
The CEO of Sustainalytics discusses the evolution of the ESG movement, the regulations and rule-making behind it, and the future of sustainable investing.
Episode 84
Adley Bowden: Key Trends and Developments in Private Markets
The PitchBook vice president of market analysis discusses private equity investing, private market interest and performance, and the impacts of the pandemic on the industry.
Episode 83
Larry Swedroe: 'The Pool of Victims' Is Expanding
The author and financial expert discusses factor investing, fixed income and retirement planning, as well as trends in ESG investing.
Episode 82
Ramit Sethi: 'What Is Your Rich Life?'
The author and financial expert discusses retirement and income security, debt, and the framework behind having a rich life.
Episode 81
Tim Maurer: Personal Finance Is More Personal Than It Is Finance
The financial advisor and author discusses his views on financial life planning, the future of financial advice, and saving for higher education.
Episode 80
Peter Hayes: Surveying the Municipal Bond Landscape
BlackRock’s head of muni-bond investing on how states and municipalities are faring, where stimulus is most needed, and risks and opportunities investors face.
Episode 79
Kerry Hannon: Remote Work Trend Benefits Older Workers
The author and retirement expert discusses remote work during and after the pandemic, employment for midlife and older workers, and financial advice for women.
Episode 78
Karsten Jeske: Cracking the Code on Retirement Spending Rates
The founder of the EarlyRetirementNow website and member of the FIRE community speaks about his experiences and thoughts on retiring early.
Episode 77
Lazetta Rainey Braxton: Financial Planning for 'The Rest of Us'
A leading financial advisor discusses her digital-only firm, their diverse population of clients, and how to make the advisory profession more inclusive.
Episode 76
Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind
The author and financial-wellness advisor discusses ‘funded contentment,’ financial education, and the behavioral finance behind it all.
Episode 75
Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields
Two Wellington Management portfolio managers discuss how they manage risk at Vanguard Wellesley Income, why they’ve taken a liking to busted growth stocks, and where they’re finding durable sources of income.
Episode 74
Karen Andersen: The Race for a COVID-19 Vaccine
The Morningstar healthcare strategist discusses the latest on COVID-19, including virus forecasts and vaccine updates from the leading biotech and pharma companies.
Episode 73
Steve Vernon: 'Older Workers Become Targets' in Tough Economic Environments
The retirement researcher and author discusses the benefits and challenges of working longer, the health of Social Security, and what longevity means for retirees' plans.
Episode 72
Jim Dahle: 'Income Is Not Wealth'
The 'White Coat Investor' discusses how high earners can avoid lifestyle creep and why a minimalist approach to investing is best.
Episode 71
Steve Romick: 'We Think Defensively'
The longtime manager of FPA Crescent Fund talks balancing risk and reward in the COVID-era, why he's not holding even more cash, the case for Wells Fargo, and more.
Episode 70
Ed Slott: Act Now on Historically Low Tax Rates
The tax- and retirement-planning expert discusses SECURE and CARES Act implications for charitable giving and estate planning, the pause on RMDs, and why 2020 is shaping up as an ideal year for Roth conversions.
Episode 69
Pramod Atluri: 'When This Storm Hit, It Hit Fast, and It Hit Hard'
The Capital Group fund manager discusses where bond investors are getting paid to take risk today and the role of bonds in an ultra-low-yield world.
Episode 68
Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'
The influential author and researcher shares his views on retirement income, asset allocation, equity valuations, whether indexing has gotten too big, and more.
Episode 67
Ben Inker: 'The Portfolio We're Running Today Is Abnormal Even for Us'
GMO’s head of asset allocation discusses value’s underperformance, why a 60/40 portfolio is apt to be a losing proposition after inflation, and what the market is missing about emerging-markets value.
Episode 66
Jerome Clark: 'We Tend to Become Myopic in a Bear Market'
The manager of T. Rowe Price's target-date series discusses the firm's more stock-heavy allocations, how target-date funds keep investors in their seats, and the puzzle of retirement decumulation.
Episode 65
Jamie Hopkins: How Low Bond Yields, Recession Impact Retirement Planning
A noted retirement specialist discusses the benefits and challenges of working longer, the virtues of Roth assets, and building retirement portfolios to last.
Episode 64
Mary Beth Franklin: To Fix Social Security, 'Everybody Is Going to Have to Be Unhappy'
The retirement columnist and Social Security guru discusses the pandemic's implications for retirement planning and how to ensure Social Security's solvency into the future.
Episode 63
Michelle Singletary: 'You Need Diversity'
The author and Washington Post columnist discusses the personal-finance effects of the pandemic, the racial wealth gap, and how the financial-services industry can better serve a diverse population.
Episode 62
Mary Ellen Stanek: Hitting for Singles and Doubles in the Bond Market
An accomplished fixed-income investor on managing through the coronavirus, the economic outlook, and the state of muni credit.
Episode 61
Jonathan Guyton: What the Crisis Means for Retirement Planning
A noted retirement researcher and financial planner discusses the benefits of Treasuries in retirement, putting guardrails around withdrawals, and why discretionary funds work.
Episode 60
Jon Stein: 'Free Trading Is Actually Going to Cost You'
The Betterment founder and CEO on evolving beyond robo-advice, client behavior during the recent market swoon, and deterring harmful trading activity.
Episode 59
Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement
A leading voice in the 'financial independence, retire early' movement reflects on the path she’s taken to achieving a 'work optional' life.
Episode 58
Charley Ellis: Why Active Investing Is Still a Loser's Game
The prolific author and investment consultant weighs in whether indexing has gotten too large, Vanguard's foray into private equity, and the spots where active management might still work.
Episode 57
Rick Rieder: Nobody Has Ever Seen Anything Like This
The prominent manager of BlackRock Global Allocation Fund addresses the COVID-19 pandemic's macroeconomic impacts and their implications for asset allocation and investing.
Episode 56
Carl Richards: 'Let's Focus on Being a Little Less Wrong Tomorrow'
'The Sketch Guy' discusses the value of asking the right questions, how placing small bets is less daunting than setting goals, and finding 'enough.'
Episode 55
Moshe Milevsky: How to Lower Retirement Risk at a Turbulent Time
A pioneering researcher on the role of human capital in financial planning, the importance of biological age to retirement planning, the role of annuities and tontines in hedging longevity risk, and more.
Episode 54
Wade Pfau: The 4% Rule Is No Longer Safe
The noted retirement researcher discusses how pre-retirees and retirees can adjust their plans in times of market stress.
Episode 53
Brigitte Madrian: 'Inertia Can Actually Be a Helpful Thing'
A leading behavioral researcher discusses the importance of setting the right retirement-plan defaults and how the current crisis puts urgency around "rainy day accounts."
Episode 52
Chris Davis: Banking on Boring, Reliable Franchises
The manager of the Davis NY Venture fund offers his thoughts on how best to sift for bargains post-sell-off, his team’s fondness for financial stocks, and why Berkshire hasn’t made any acquisitions yet.
Episode 51
Dan Fuss: It's Too Early to Relax
A veteran bond manager compares the current economic and market crisis to previous ones and reflects on the attractiveness of various asset classes at this juncture.
Episode 50
Fran Kinniry: Applying the Vanguard Approach to Private Equity
The leader of Vanguard's initiative to offer private equity investing discusses his views on private equity's role in a portfolio, how Vanguard will structure its offering, and why the firm is bringing it out now.
Episode 49
A Conversation With the Sequoia Fund’s Managers
Two members of the Sequoia Fund’s investment committee open up about the firm’s culture, why the portfolio is more fully invested than before, Berkshire, and more.
Episode 48
Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’
Allianz’s chief economic advisor on how to address economic 'sudden stops,' the correct fiscal and monetary policy response to the coronavirus, and the outlook ahead.
Episode 47
Chuck Bath: The Evolution of a Value Investor
The noted Diamond Hill manager discusses the shorter durations of competitive advantages, how low inflation has curbed firms' pricing power, and what he considers to be the market's 'sweet spot.'
Episode 46
Lawrence Hamtil: The Virtues of Sin (Stocks)
A contrarian financial advisor delves into his provocative research on the influence of sector weightings on stock returns, value's slump, equal-weighting, and the low-volatility phenomenon.
Episode 45
Nicole Boyson: How to Spot Financial Advisor Conflicts of Interest
An academic's take on financial advisor conflicts that can leave investors saddled with costly, underperforming funds. We also touch on hedge fund activism, financial contagion, and female portfolio managers.
Episode 44
Sallie Krawcheck: 'Companies Should Do Better'
The Ellevest founder discusses how advisors fail their female clients, the lack of gender diversity in financial services, and why firms should be working to close the gender pay gap.
Episode 43
Annamaria Lusardi: 'Financial Education Works'
A noted researcher discusses the state of financial literacy in the U.S., the connection with income inequality, and what works with financial education.
Episode 42
Jeff Levine: Cracking the New Retirement Code
The tax- and financial-planning specialist weighs in on how sweeping new legislation affects IRA withdrawals, charitable giving, 401(k) plans, and more.
Episode 41
Ben Carlson: How Not to Get Scammed
The popular blogger at 'A Wealth of Common Sense' examines some of the most notorious financial scams and the lessons they impart in his new book, 'Don't Fall for It.
Episode 40
Will Danoff: Succeeding at Scale
Fidelity Contrafund's longtime star manager on why he runs money, how his definition of "edge" has evolved, the best way to engage with analysts and company management, and more.
Episode 39
Jon Hale: ESG Is a Paradigm Shift
Our global ESG research leader on how sustainable investing has evolved and what comes next as it goes mainstream.
Episode 38
Chris Mamula: What Young Retirees Need to Know
A leading blogger discusses some common misconceptions about the FIRE movement, as well as lifestyle and financial considerations for young retirees.
Episode 37
John Rekenthaler: Fund Manager Financial Incentives Are Irrelevant
Morningstar's columnist reflects on his decades of analyzing and writing about the mutual fund, retirement, and financial advice industries.
Episode 36
The Best of The Long View Podcast: Conversations with Financial Advisors and Retirement Researchers
We highlight some of the most indelible moments from our newest podcast.
Episode 35
The Best of The Long View Podcast: Conversations with Portfolio Managers
We highlight some of the most indelible moments from our newest podcast.
Episode 34
Moira Somers: How to Give Financial Advice That People Will Actually Take
A neuropsychologist discusses why clients don't do what their financial advisors tell them to do--and how advisors can improve upon that.
Episode 33
John Lynch: Rethinking Financial Education
A noted researcher and consumer advocate discusses why so many financial literacy efforts don't improve outcomes--and what they could do better.
Episode 32
Gus Sauter: Efficient Markets Are a Good Thing
Vanguard's retired global CIO riffs on indexing, market efficiency, governance, alternative investing, and more in this wide-ranging conversation.
Episode 31
Jeffrey Brown: Saving for Retirement 'Only Half the Puzzle'
The noted retirement researcher explores 401(k)s, "the annuity puzzle," long-term care, and Social Security.
Episode 30
Charles de Vaulx: Why Value Investing Has Slumped but Will Rebound
A value-investing maven explains why bargain-hunting has lagged.
Episode 29
Barbara Roper: 'Protections Have Been Under Attack'
A leading consumer advocate discusses whether small investors should have access to private markets, fee trends, and how recent financial-advisor regulation falls short.
Episode 28
Dennis Lynch: 'Have a Growth Mindset and Be Willing to Learn New Things'
An accomplished growth investor, Lynch explains how his team seeks to gain an edge, susses out the difference between innovation and mission creep, and applies different frameworks to mitigate biases and errors.
Episode 27
Meir Statman: 'We Are All Normal'
The behavioral finance expert discusses what our financial choices say about us and whether investors' decisions are becoming more rational.
Episode 26
Dana Emery: You're Not Getting a Valuation Discount for Free
The Dodge & Cox CEO and bond-fund manager on overseeing a fundholder-friendly firm and why she believes in an active approach to fixed-income investing.
Episode 25
Ben Johnson: Index Funds Are Not 'Zombie Investors'
Morningstar's director of global ETF research on fee wars, performance-chasing investors, and whether passive funds are doing their fair share for corporate governance.
Episode 24
Alicia Munnell: Married Couples Are in the Retirement Danger Zone
The prominent retirement researcher discusses Social Security's viability, the role of housing wealth, and a surprising new finding about married couple's retirement preparedness.
Episode 23
Michael Finke: Here’s What Makes Retirees Happy
A respected retirement researcher discusses what types of spending are correlated with a better retirement--and which are not.
Episode 22
Judith Ward: Planning Well at Every Life Stage
T. Rowe Price's senior financial planner shares planning and portfolio to-dos for 20-somethings, people in their 70s and beyond, and everyone in between.
Episode 21
David Blanchett: If You're Retiring Now, You're in a Pretty Rough Spot
Morningstar's lead retirement researcher on retiree spending patterns, asset allocation, and mitigating the risks in a plan.
Episode 20
Dan Ivascyn: Building a Portfolio to Bend but Not Break
PIMCO's group CIO explains the firm's cautious outlook and why it's stressing liquidity in managing assets.
Episode 19
Allan Roth: 'I Embrace Dumb Beta'
The hourly financial planner and columnist on navigating clients' behavioral biases and the virtues of plain-vanilla index funds.
Episode 18
Rupal Bhansali: FAANG Stocks Are 'Extremely Risky'
Ariel International's manager discusses why she emphasizes downside protection and what the market is getting wrong about many of the largest companies.
Episode 17
Rob Arnott: Don't Sleep on Value Investing (Especially Emerging-Markets Value)
The Research Affiliates founder thinks "value" is cheap, sees shades of the 2000 tech bubble in today's market, and takes issue with multifactor investing, among other matters.
Episode 16
Mark Miller: Less Investment Choice = Better Retirement Outcomes
The nationally recognized expert on retirement and aging discusses the state of retirement readiness in the U.S. and how reducing choice could improve success rates.
Episode 15
Bill Nygren: 'A Stock That Doesn't Look Cheap on the Surface Might Be One of the Cheapest'
The Oakmark manager discusses the lasting lessons of the financial crisis and how traditional value metrics aren't necessarily the best gauge of an inexpensive stock.
Episode 14
Jonathan Clements: 'It's in Wall Street's Interest to Make Everyday Investors Think That They Are Stupid'
The influential financial writer on what's driving higher market valuations, the challenges of retirement drawdown, and the myth of the 'dumb' investor.
Episode 13
Maria Bruno and Joel Dickson: 'Building a Better Retirement'
Catch-up strategies for pre-retirees, "off-label" ideas for supersavers, and how the investment industry can make 'mountains out of molehills.'
Episode 12
Sheryl Garrett: 'The Industry Thought I Was Nuts'
The pioneer in hourly financial-planning guidance weighs in on choosing an advisor and rapidly evolving business models for financial advice.
Episode 11
James Montier: 'How Do I Get Paid for Owning This Asset?'
Amid a weak stretch for value strategies, the asset-allocation specialist discusses why GMO remains pessimistic in its outlook for U.S. stocks.
Episode 10
Rick Ferri: 'There Are No Average Investors'
The financial advisor and asset-allocation specialist discusses conflicts in advice-giving, which asset classes he avoids, and "factor renters."
Episode 9
Josh Brown: 'Standardize the Process, Personalize the Advice'
The Ritholtz Wealth Management CEO discusses his transition from broker to advisor and why client portfolios should have fewer assets, not more.
Episode 8
Harold Evensky: 'It's an Unmitigated Disaster'
Financial-planning guru Harold Evensky on the shortcomings of the SEC's newly enacted Regulation Best Interest, the bucket approach to retirement portfolios, and evolving business models for financial advice.
Episode 7
Aron Szapiro: 'You Can't Fix What You Can't Measure'
Morningstar's director of policy research on what's ailing the U.S. retirement system, the new SEC rule on advisor conflicts of interest, and why policy recommendations must be data-driven.
Episode 6
Michael Kitces: The Model Has to Change Again
Financial planning guru Michael Kitces on the future of financial advice: technology, specialization, planning versus investment guidance, and how to pay for it.
Episode 5
Carolyn McClanahan: There's More to Money Than Just the Numbers
Carolyn McClanahan on her shift from practicing medicine to financial planning, how to model health and long-term care costs, and troubleshooting financial risks later in life.
Episode 4
Tim Buckley: There’s No One Even Close to Us
Vanguard's CEO on balancing growth with delivering good client outcomes, the future of advice, and the trend toward "free" products.
Episode 3
Morgan Housel: No One Hires a Luck Manager
Investment writer Morgan Housel on coping with behavioral biases, the evolution of the investment industry, and the role of luck in investing.
Episode 2
Don Phillips: We’re All in the Behavior Modification Business
Longtime fund observer Don Phillips on the importance of investor psychology, the uptake of passive and ESG investing, and Jack Bogle's enduring legacy.
Episode 1
William Bernstein: If You've Won the Game, Stop Playing
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.