The Long View

Today on the podcast, we welcome back Jean Chatzky. Jean is the author of a new book about retirement planning called The Forever Paycheck: The New Retirement Strategy to Spend More, Worry Less, and Never Run Out of Money . In addition, she has written several other New York Times bestselling books about money and investing. She’s also CEO of HerMoney.com and host of the podcast Her Money with Jean Chatzky . She served as the financial editor of NBC Today for 25 years and is the financial ambassador for AARP. She appeared frequently on CNN and MSNBC, and was a recurring guest on The Oprah Winfrey Show . We’d love to hear what you think about The Long View podcast. Please take a moment to share your feedback —thanks for listening! Episode Highlights 00:00:00 Introduction 00:01:00 Why Retirees Struggle to Spend 00:05:18 Creating a Retirement Paycheck 00:09:25 Choosing Annuities and Financial Advice 00:20:40 Bridging the Social Security Gap 00:23:40 Managing Sequence-of-Returns Risk 00:28:42 Retirement Planning for Couples and Working Longer 00:37:17 Protecting Against Financial Fraud 00:40:39 How Jean Chatzky Reimagined Retirement More from The Long View Brett Arends: Worried About Outliving Your Money? There’s an Answer Dana Anspach: Don’t Let Fear Ruin Your Retirement Stefan Sharkansky: The Retirement Rule That Leaves Too Much Money Behind If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today’s guest on The Long View is David Booth . David is a repeat guest, the founder of Dimensional Fund Advisors , and has just released a new book titled Stay Calm: Learn to Embrace Uncertainty in Investing and Life . One of the interesting through lines on the episode really centered on data. David explained that without data, people are just arguing beliefs. There was so much time within the industry where investors really were in a data desert. That foundational layer was critical to everything that David, his colleagues at Dimensional, and so many others around the broader investing industry have ultimately brought to bear for the benefit of so many investors over the years. Plus, David explained that having access to a more complete dataset can really help provide a sense of calmness and reassurance for investors, even in an uncertain environment. Episode Highlights 00:00:00 Introduction 00:03:21 How Market Data Revolutionized Investing 00:09:22 Learning From Eugene Fama 00:16:16 Communicating Financial Science 00:20:40 What is the Efficient-Market Hypothesis? 00:24:11 Diversification and the Limits of Indexing 00:32:37 Is Dimensional Active or Passive? 00:34:24 The Science Behind Factor Investing 00:40:29 Trusting Markets and Embracing Uncertainty More From Morningstar David Booth: ‘Usually the Great Ideas Start Out as Small Ideas and Then You Build on Them’ Don Phillips: Encouraging Better Outcomes for Investors Charley Ellis: Indexing Is a Marvelous Gift If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests on the podcast today are Andy Clarke and Nelson Wicas , co-authors—along with Ganesh Suntharam—of the new book, The Architecture of Wealth: The Art and Science of Portfolio Construction . Andy has spent more than three decades as an investment researcher and writer. He has worked at Morningstar and Vanguard, where he served as assistant to Vanguard Founder and indexing pioneer, John C. Bogle. Andy has published research in practitioner journals such as the Journal of Index Investing . He is the author of Wealth of Experience and a CFA Charterholder. Nelson has developed and managed quantitative equity strategies for more than 30 years. Most recently, he worked at Redpoint Investment Management, where he was a founder and research analyst. After completing his PhD in economics at the University of Pennsylvania, Nelson joined Vanguard to help establish its quantitative equity management function. Nelson later helped found Vanguard’s investment counseling and research team to produce portfolio construction insights for clients and internal teams. Nelson has been a visiting professor of economics at Haverford College in Haverford, Pennsylvania. Episode Highlights 00:00:00 The Architecture of Wealth 00:06:42 Why Portfolio Construction is an Art and Science 00:10:03 Bogle’s Approach to Active Management 00:15:38 Why Index Investing Isn’t Passive 00:22:09 The Birth of Modern Portfolio Theory 00:26:58 Behavioral Finance, Investor Biases, and Impact of Education 00:36:13 Why Index Funds Finally Took Off 00:39:25 Evaluating Active Managers 00:43:27 The Small-Cap Effect More From The Long View Charley Ellis: Indexing Is a Marvelous Gift Jeff Ptak: The Simple Secret to Becoming a Better Investor Andy Reed: Inertia Is the Most Powerful Force in Behavioral Finance If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Jeff Ptak . He’s a longtime Morningstar employee and currently serves as managing director for Morningstar Research Services. He originally joined Morningstar back in 2002 as a senior mutual fund analyst. Jeff was one of the original two co-hosts of this podcast and regularly posts his thoughts on Morningstar.com , Substack , X , and LinkedIn . Ptak’s work really focuses on investor outcomes. One of the highlights from the podcast today was when Ptak talked about how such a small number of stocks tend to generate a disproportionate amount of the market returns and what that means for diversified actively managed funds. He also discusses what target-date funds get right for investors, as well as what some of them may be missing. Episode Highlights 00:00:00 Mind the Gap and Investor Behavior 00:08:04 Crypto ETFs and Timing Mistakes 00:11:33 Active Funds and Letting Winners Run 00:23:00 Improving Investor Outcomes Through Lower Costs 00:30:09 Private Markets, SpaceX, and 401(k) Risks 00:34:15 Thematic ETFs, Speculation, and Fun Money 00:38:40 Market Timing Myths and Portfolio Construction 00:42:16 Is Tech’s Dominance Sustainable? More From Morningstar Read: Mind the Gap 2026 Leyla Kunimoto: Why Investors in Private Markets Need a Louder Voice Will Danoff: ‘Be Very Careful of Unprofitable Companies’ Don Phillips: Encouraging Better Outcomes for Investors If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on the podcast we welcome back Nick Maggiulli . He’s the author of a new book called The Wealth Ladder: Proven Strategies for Every Step of Your Financial Life . His first book was called Just Keep Buying . In addition, Nick writes a wonderful blog called Of Dollars and Data , which is focused on the intersection between data and personal finance. In his day job, Nick is the Chief Operating Officer and Data Scientist at Ritholtz Wealth Management . He received his bachelor’s degree in economics from Stanford University. Episode Highlights 00:00:00 Writing The Wealth Ladder 00:05:30 The Six Levels of the Wealth Ladder 00:09:52 How Wealth Changes Across Net-Worth Levels 00:16:16 Why People Rarely Fall Down the Wealth Ladder 00:21:00 Spending Rules and the 0.01% Rule 00:29:25 Career Choices, Income, and Opportunity Costs 00:37:42 Investment Risks and Ascending the Wealth Ladder 00:44:29 Money, Happiness, and Life Beyond Wealth More From Morningstar Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner Dan Haylett: ‘The Retirement You Didn’t See Coming’ David Bach: ‘Start Enjoying Your Life Sooner’ If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Stefan Sharkansky . Stefan is a Ph.D. statistician who specializes in finance. He wrote a provocatively titled paper, “ The Only Other Spending Rule Article You Will Ever Need ,” which was published in the Financial Analyst Journal . Stefan has also developed a related website called, The Best Third , designed to help people with their retirement spending plans and portfolio structures. In addition, he developed and operates the website PersonalFund.com , which provides proprietary cost analysis of mutual funds to financial advisors. Stefan has a B.A. in mathematics from the University of Wisconsin-Madison, an M.S. in computer science from Stanford University, and an M.S. and a Ph.D. in statistics from the University of Washington. Episode Highlights 00:00:00 Introduction 00:02:43 Why the 4% Rule Can Lead to Underspending 00:07:23 TIPS Ladders vs. Retirement Annuities 00:08:48 Reducing Fixed Spending and Stock Allocation 00:12:09 Why Individual TIPS Beat TIPS Funds 00:18:53 A Formula for Stock Portfolio Withdrawals 00:23:54 Historical Returns vs. Monte Carlo Simulations 00:29:30 Should Retirees Diversify Globally? 00:32:23 Leaving a Bequest Without Underspending More From The Long View Brett Arends: Worried About Outliving Your Money? There’s an Answer Dana Anspach: Don’t Let Fear Ruin Your Retirement Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’ If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Ryan Frederick , an author, speaker, and entrepreneur focused on the intersection of place and healthy longevity. As founder and CEO of HERE , he provides content courses and coaching in place planning, a holistic, research-based approach to help people find the right place for every stage of life. He’s also the author of Right Place, Right Time, a book that helps individuals think through housing decisions for the second half of life. In addition, Ryan provides strategy consulting to organizations looking to create better places, including Fortune 500 companies, institutional investors, health systems, and housing developers and operators. He’s also a member of the Advisory Council for the Stanford Center on Longevity . He previously served on the National Advisory Board of Johns Hopkins University School of Nursing and was a member of the Bipartisan Policy Center Task Force on Health and Housing. He’s a graduate of Princeton University and Stanford Business School. Episode Highlights 00:00:00 Senior Living, Longevity, and 100-Year Life Planning 00:08:39 How Place Influences Health as You Age 00:10:37 The Four Pillars of Place Planning 00:16:19 Income’s Impact on Housing, Home Equity, and Limitations of Aging in Place 00:30:01 Place Planning Tools and Building Community 00:41:43 New Housing Models, Cohousing, and Age Diversity 00:49:13 Continuing Care Retirement Communities and Healthy Aging Dashboards More From Morningstar Your Retirement Countdown, With Christine Benz Harry Margolis: How to Confront Aging Challenges Head-On Joy Loverde: Planning Ahead for Care Needs as You Get Older If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Brett Arends . Brett has been a columnist for MarketWatch , The Wall Street Journal , and other Dow Jones publications since 2007. His regular column for MarketWatch is called ROI , and he has also written for SmartMoney , TheStreet.com , and the Boston Herald . In addition, Brett has written several books including Storm-Proof Your Money: Weather Any Economy, Rebuild Your Portfolio, Protect Your Future . Brett took a double first in history at Cambridge University and did postgraduate research at Oxford University. He’s also a chartered financial consultant. Episode Highlights 00:00:00 Financial Journalism Origins and Early Stock-Picking Lessons 00:11:12 Comparing the AI Boom to Dot-Com Bubble 00:21:53 Diversification, Index Funds, and AI Bubble Risk 00:26:25 Why Private Securities Are a Bad Deal 00:33:09 Why TIPS Are Attractive Under Rising Inflation 00:38:10 Generating Retirement Income and Immediate Annuities 00:45:35 Social Security and Policy Risks More From Morningstar GQG: Why We Are Still in an AI Stock Market Bubble Jeremy Grantham: ‘Almost Everything Looks More Attractive Than the US Equity Market’ How to Use TIPS in Your Portfolio If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on the podcast, we welcome back Dana Anspach . Dana’s the author of a new book about retirement called Living Off Your Acorns: Your Guide to the Four Phases of Retirement . This is her third book. Earlier books are Control Your Retirement Destiny and Social Security Sense . Dana is also founder and CEO of the financial planning firm Sensible Money , based in Scottsdale, Arizona, and she has been practicing as a financial planner since 1995. In addition, Dana’s the author of the lecture series, How to Plan for the Perfect Retirement , available on The Great Courses, and she has been blogging about her own retirement journey on The Retirement Manifesto website. Episode Highlights 00:00:00 The “Pre-Go” Phase, Unplanned Early Retirement, and Working Longer 00:10:19 “Retirement Red Zone” Risks, Two-Bucket Strategy, and Building a Bond Ladder 00:17:34 Balancing Guaranteed Income and Annuities 00:21:54 TIPS, Cash Flow Projections, and Getting Comfortable Spending 00:31:33 Strategies for Long-Term Care 00:36:19 Planning the Transition to Retirement 00:40:34 Estimating Longevity, Lost Decade Potential, and Inflation Risk 00:46:11 Minimizing Taxes and Mitigating Financial Fraud Risk More From Morningstar Dana Anspach and Fritz Gilbert: ‘This Is What a Joyful Retirement Could Feel Like’ Adam Grossman: Asset Allocation Is an Investor’s Best Defense Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’ If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guests on the podcast today are Cody Garrett and Sean Mullaney . They’re both advice-only financial planners, and they’re the co-authors of a new book called Tax Planning To and Through Early Retirement . Cody is a certified financial planner and the founder of Measure Twice Money , where he helps DIY investors make informed decisions aligned with their values. He also leads Measure Twice Planners , which is an educational community for financial planners. Sean Mullaney is a certified public accountant and head of Mullaney Financial & Tax . He also writes the blog, TheFITaxGuy.com , which is focused on the intersection between financial independence and taxes. Episode Highlights 00:00:00 Introduction 00:01:27 Defining Early Retirement, the 4% Rule, and Withdrawal Strategies 00:11:03 Fear-Based Tax Narratives and Retirement Calculators 00:15:10 Rethinking Future Tax Rate Assumptions 00:23:14 Retirement Savings Tax Trade-Offs 00:30:08 Taxable Accounts in Early Retirement 00:32:29 Backdoor Roth IRAs, Asset Allocation, and Sequence Risk 00:44:03 RMDs, Roth Conversions, and Retirement Planning Tools More From Morningstar Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’ A Tax-Smart Plan for In-Retirement Withdrawals in 3 Steps Morningstar’s Tax-Planning and IRA Resources for 2026 If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today on the podcast, we’re delighted to welcome back Jeremy Grantham to discuss his book, The Making of a Permabear: The Perils of Long-term Investing in a Short-term World , which he co-authored with Edward Chancellor . Jeremy is the long-term investment strategist at his namesake firm, Grantham, Mayo, Van Otterloo & Company, or GMO , which he co-founded in 1977. He serves on GMO’s asset-allocation committee and board of directors. Prior to GMO, Jeremy was co-founder 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. Episode Highlights 00:00:00 Writing Permabear W ith Edward Chancellor 00:06:44 Value Investing and Identifying Market Bubbles 00:15:07 Current Market Outlook and Valuation Risks 00:20:28 Value Discipline, SpaceX’s IPO, and Past Market Bubbles 00:27:26 Speculative Trading, Indexing, and Zero‑Sum Markets 00:34:24 Market Inefficiencies, Small-Cap Stocks, and the Greater Fool Theory 00:43:27 Artificial Intelligence Hype, Attractive Assets, and Market Pessimism 00:47:02 Climate Risks, Resource Constraints, and Shrinking Populations More From Morningstar 3 Warnings for Investors From the Ultimate Contrarian Ben Carlson: Exploring Risk and Reward What Today’s Index ETFs Get Right, and Wrong, for Investors If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We’re taping this podcast live at the Morningstar Investment Conference , where we’re delighted to be joined by Fidelity’s Will Danoff. Will runs a number of Fidelity equity strategies , the best known of which is Fidelity Contrafund FCNTX, a mutual fund he’s been managing since September 1990. Morningstar named Will its Domestic-Stock Manager of the Year in 2007 . Prior to becoming a portfolio manager, Will served as a retail analyst at Fidelity and assistant portfolio manager at Fidelity Magellan FMAGX. He graduated from Harvard University and earned his MBA at the Wharton School of the University of Pennsylvania. Will, welcome back to The Long View . Episode Highlights 00:00:00 Introduction 00:00:56 Investing Origins and Early Influences 00:00:53 Retail Analysis and Unit Economics 00:10:29 Reg FD Changes and Adapting Research Processes 00:15:00 Identifying Durable Competitive Advantages 00:19:24 SpaceX and Buying Private Companies 00:22:40 Investing Mistakes and Avoiding Unprofitable Companies More From Morningstar 2026 Morningstar Investment Conference: From SpaceX to Safeguarding Retirement Here’s Fidelity Contrafund’s Will Danoff’s Secret Sauce As Legendary Manager Will Danoff Leaves Fidelity, Should Investors Follow Him Out the Door? If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today’s guests are Morningstar’s Brian Moriarty and Jack Shannon . Brian is a principal, fixed-income strategies, for Morningstar. Before assuming his current role in 2015, Brian was a client solutions consultant for Morningstar Office, a practice and portfolio management system for independent financial advisors. Before joining Morningstar in 2013, he was a research assistant for DePaul University’s religious studies department. Brian holds a bachelor’s degree in political science from Michigan State University and a bachelor’s degree in Islamic world studies from DePaul University. Jack Shannon is a principal, equity strategies, for Morningstar. He focuses on actively managed equity strategies and is the lead analyst for MFS and Artisan Partners, among other firms. Before joining Morningstar in 2020, Jack worked in commercial banking and was a consultant providing subject-matter expertise on complex financial litigation. Jack holds a bachelor’s degree in economics and history from James Madison University. He also holds a master’s of business administration in investments and corporate finance from the University of Notre Dame’s Mendoza College of Business. Episode Highlights 00:00:00 Introduction 00:02:06 What are Private Markets, and What Investment Opportunities Do They Provide? 00:03:13 Do Semiliquid Funds Provide Easier Access to Private Markets? 00:05:57 Applying Morningstar Processes to Evaluate Private Markets 00:09:50 Managing Liquidity in Private Market Investments 00:18:48 Valuation and Transparency: Putting Private Assets Under the Microscope 00:24:07 Payment in Kind as a Valuation Concern 00:28:02 Public vs. Private Markets: Understanding Risk, Language, and Infrastructure Differences 00:39:28 Building Methodology to Explain Private Asset Fees and Incentive Structures 00:44:22 What Morningstar Medalist Ratings Signal for Semiliquid Funds More From Morningstar Morningstar’s Guide to Public/Private Investing Private Equity Funds Step Into the Spotlight Private Credit Pricing: Are Prosecutors Opening Up Pandora’s Box? If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Kathleen Rehl . Kathleen is an author, educator, speaker, and certified financial planner dedicated to empowering widows financially and guiding the professionals who support them. She operated her own planning firm for 18 years before shifting her focus to writing, teaching, and research. After her husband died, she transformed her personal grief into a mission, helping others navigate widowhood, legacy planning, and purposeful aging. She is the author of Moving Forward on Your Own: A Financial Guidebook for Widows . Episode Highlights 00:00:00 Introduction 00:02:17 Learning Widowhood From the Inside 00:04:13 Decision-Making Without a Spouse 00:05:16 Early Irreversible Choices For Widows 00:08:39 Stress-Testing Life Without a Spouse 00:16:03 Why Widows Leave Advisors 00:18:53 Slowing Down Decisions to Prevent Emotional and Financial Harm 00:25:55 Continuing Care Retirement Communities 00:30:38 “Refirement” vs. Retirement and Building a Legacy More From Morningstar Harry Margolis: How to Confront Aging Challenges Head-On How to Tackle Estate Planning Basics in 7 Steps 3 Tricky Decisions for Every Retirement Plan If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Don Phillips . Don is a managing director for Morningstar. He joined the company in 1986 as its first mutual fund analyst and soon became editor of the flagship print publication Morningstar Mutual Funds , establishing the editorial voice for which the company is best known. He helped to develop the Morningstar Style Box , the Morningstar Rating , and other distinctive proprietary Morningstar innovations that have become industry standards. Don has served in a variety of leadership roles at Morningstar, most recently head of global research, before paring back his schedule to take on a part-time nonmanagement role. He holds a bachelor’s degree from the University of Texas and a master’s degree from the University of Chicago . Episode Highlights 00:00:00 Introduction 00:01:57 Viewing Investing From 100,000 Feet Up 00:08:20 The Role of the Manager, From Salesmanship to Stewardship 00:11:18 What Indexing and AI Make Easier—and What They Risk 00:17:50 Private Credit and Private Equity Risks for Retail Investors 00:28:01 Finding the Unmet Needs in Asset Management 00:35:47 Fixed-Income Funds as the Industry’s Achilles’ Heel 00:43:42 The Value of a Liberal Arts Education and the Power of Storytelling More From Morningstar Morningstar’s Why Don Phillips: We’re All in the Behavior Modification Business Private Equity Funds Step Into the Spotlight If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Adam Grossman . Adam’s the founder of Mayport , a fixed-fee wealth management firm. He’s also a regular contributor to Humble Dollar , the website founded by late financial writer Jonathan Clements. Before founding Mayport, Adam worked as an investment advisor or analyst at several firms, including Middleton & Company , Ballentine Partners , and MFS Investment Management . He also founded About Face Software, a social networking software firm. Adam received his undergraduate degree from Williams College and his MBA from MIT Sloan School of Management, and he’s also a CFA charterholder. Episode Highlights 00:00:00 Introduction 00:01:16 Writing for Humble Dollar and Jonathan Clements 00:05:15 How Flat‑Fee Advice Beats AUM Pricing 00:10:29 Helping Investors Stay Calm in Market Stress 00:17:30 Simple Stock/Bond Portfolios Still Work 00:22:58 How to Protect Your Portfolio Before Retirement 00:27:20 Social Security Timing: Math Versus Emotions 00:34:19 How AI Is Changing Financial Advice More From The Long View Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’ Jim O’Shaughnessy: Investing Lessons From a Lifelong Learner Harry Margolis: How to Confront Aging Challenges Head-On If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify Our guest on the podcast today is William Bengen . Bill has been a prolific researcher of retirement planning matters over his career, and he pioneered the exploration of safe withdrawal rates with his groundbreaking 1994 research that gave birth to what’s now called the 4% rule. His new book, A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More was published in August 2025. Bill is the former owner of Bengen Financial Services, an independent registered investment advisor that he launched in 1989 after his family sold the soda bottling business that he had helped manage. He received his Bachelor of Science degree in aeronautics and astronautics from MIT. Bill retired from his financial planning practice in 2013 but continues to conduct research on retirement planning and withdrawal rates. Episode Highlights Why the 4% Rule Needed a Rethink Inflation as the Biggest Retirement Risk Different Approaches to Finding Your Withdrawal Rate Factoring in Longevity, Taxes, and Legacy Managing Your Asset Allocations, and Outsourcing the Rebalancing Process The 4% Rule Is Not for Everyone More From Morningstar Bill Bengen: Revisiting Safe Withdrawal Rates How to Find Your Perfect Withdrawal Rate Strategy How Much Should You Allocate to Safer Assets? If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify Today on the podcast, we welcome back Ben Carlson , who’s the author of a new book called Risk and Reward . Ben is the director of institutional asset management for Ritholtz Wealth Management . In addition, Ben’s a prolific creator of content. His blog is called A Wealth of Common Sense . He also co-hosts the podcast Animal Spirits with Michael Batnick. Ben is the author of four books about investing and money, and he’s a CFA charterholder. Episode Highlights 00:00:00 Understanding Market History Is About Preparation, Not Prediction 00:02:00 Lessons From Japan’s Asset Bubble and Mean Reversion 00:06:54 The Different Ways Investors Respond to Crashes 00:08:36 The Automatic Investing Revolution Has Changed Behavior 00:15:22 Why Patience Is Harder to Come By in an On‑Demand World 00:19:32 The Importance of Education in Private Asset Investing 00:21:35 Inflation Psychology and How to Respond 00:28:15 Two Different Kinds of Bear Markets 00:35:40 Using Alpha to Deliver Better Aftertax Outcomes for Clients More From Ben Carlson Everything You Need To Know About Saving For Retirement Don’t Fall For It: A Short History of Financial Scams Invest Your Way to Financial Freedom Risk and Reward More From Morningstar Ben Carlson: How Not to Get Scammed What We’ve Learned From 150 Years of Stock Market Crashes The 60/40 Portfolio: A 150-Year Markets Stress Test If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Today’s guest on The Long View is Amit Wadhwaney , portfolio manager and co-founder at Moerus Capital Management . Amit has over 30 years of experience researching and analyzing investment opportunities in developed, emerging, and frontier markets worldwide. Prior to co-founding Moerus, Amit was a portfolio manager and partner at Third Avenue Management , where he worked alongside his Moerus co-founding partners. Amit founded the international business at Third Avenue and was the founding manager of the Third Avenue Global Value Fund, the Third Avenue Emerging Markets Fund, and the Third Avenue International Value Fund. Earlier in his career, Amit worked at MJ Whitman LLC, a New York-based broker/dealer. Prior to joining M.J. Whitman, Amit was a paper and forest products analyst at Bunting Warburg, a Canadian brokerage firm. He began his career at Domtar, a Canadian forest products company. Amit holds an MBA in finance from the University of Chicago. He also holds a BA with honors and an MA in economics from Concordia. Episode Highlights 00:00:00 Introduction 00:02:05 Investing Versus the Business of Investing 00:09:48 Why Macroeconomic Forecasting Often Fails Investors 00:10:36 Survivability as the Core of Risk Management 00:16:58 Why “Trouble” Creates Opportunity for Value Investors 00:32:04 Exploring Value-Accretive Corporate Activity 00:47:23 Is Today’s Market Setting Up a Value Comeback? More From Morningstar How the Iran War Is Shaping Markets 3 Well-Regarded Large-Value Funds for Investors Seeking Balanced Portfolios The Value Stock Comeback Is Messy. Here’s Why Investors Shouldn’t Turn Away If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest on the podcast today is Claudia Sahm . Claudia is chief economist at New Century Advisors , the founder of Sahm Consulting , and a regular contributor at Bloomberg Opinion . She has policy and research expertise in macroeconomics, consumer spending, and household finance. She created the Sahm rule , an automatic trigger for stimulus payments in recessions. Previously, she was a section chief at the Federal Reserve , where she oversaw the Survey of Household Economics and Decisionmaking . Before that, she worked for 10 years on the staff’s macroeconomic forecast. She was a senior economist at the Council of Economic Advisers . She holds a Ph.D. in economics from the University of Michigan and a bachelor’s degree in economics, political science, and German from Denison University. Episode Highlights 00:00:00 Lessons From the Fed During the Global Financial Crisis 00:04:56 Making Sense of Fed-Speak 00:09:29 The “Whiplash Economy” and Understanding Risk 00:14:21 Rising Gas Prices, Geopolitical Uncertainty, and Consumer Sentiment 00:18:03 Interest Rates, AI, and Fed Leadership Changes 00:29:48 Undoing the Effects of Trump’s Tariffs 00:33:34 The Sahm Rule and Recession Risk Today 00:43:56 Costs of Underfunding US Economic Data 00:49:57 “Economics Is a Disgrace” More From Morningstar Risk, Not Volatility, Is the Real Enemy for Investors Michael Gates: Why More Advisors Are Migrating to Model Portfolios Q2 Market Outlook: Why a Stock Barbell Strategy Is Ideal for Today’s Market If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com . Follow Christine Benz ( @christine_benz ) and Ben Johnson ( @MstarBenJohnson ) on X, and Christine Benz , Amy Arnott , and Ben Johnson on LinkedIn. Visit Morningstar.com for new research and insights from Christine , Ben , and Amy. Subscribe to Christine’s weekly newsletter, Improving Your Finances . If you want more Morningstar podcasts, check out The Morning Filter and Investing Insights . Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.