Afleveringen
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Our guest this week is Dr. Hendrik Bessembinder. Hank is the professor in Francis J. and Mary B. Labriola Chair in Competitive Business at Arizona State University’s Department of Finance. Prof. Bessembinder’s research focuses on market design and trading, including stock, foreign exchange, fixed income, futures, and energy markets, as well as on measuring long-term investment performance. He’s published numerous articles in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, among others.
In today’s conversation, we’ll focus on the most widely cited and influential of Prof. Bessembinder’s papers, which is entitled, Do Stocks Outperform Treasury Bills? The paper’s key findings could have implications for stock investors of all stripes. So, we were excited to talk to Hank and dig into his work. You can find this paper and other follow-on work that Hank has done on SSRN and we’ll link to it in the show notes.
Background
Bio
Research
“Do Stocks Outperform Treasury Bills?” by Hendrik Bessembinder, ssrn.com, June 3, 2018.
“Wealth Creation in the US Public Stock Markets 1926 to 2019,” by Hendrik Bessembinder, ssrn.com, Feb. 13, 2020.
“Which US Stocks Generated the Highest Long-Term Returns,” by Hendrik Bessembinder, ssrn.com, July 22, 2024.
“Long-Horizon Stock Returns Are Positively Skewed,” by Adam Farago and Erik Hjalmarsson, Review of Finance, April 6, 2022.
“Why Has IPO Underpricing Changed Over Time?” by Tim Loughran and Jay Ritter, Financial Management Journal, Autumn 2004.
“Long-Run Stock Market Returns: Probabilities of Big Gains and Post-Event Returns,” by Hendrik Bessembinder, ssrn.com, Dec. 27, 2021.
“Extreme Stock Market Performers, Part I: Expect Some Drawdowns,” by Hendrik Bessembinder, ssrn.com, July 21, 2020.
“Shareholder Wealth Enhancement, 1926 to 2022,” by Hendrik Bessembinder, ssrn.com, June 17, 2023.
“Long-Term Shareholder Returns: Evidence From 64,000 Global Stocks,” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, ssrn.com, March 6, 2023.
“Predictable Corporate Distributions and Stock Returns,” by Hendrik Bessembinder, ssrn.com, Nov. 24, 2014.
Other
Center for Research in Security Prices (CRSP)
“What Is Jensen’s Measure (Alpha), and How Is It Calculated?” by James Chen, Investopedia.com, July 1, 2024.
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Our guest on the podcast today is Kathy Stokes. Kathy is director of Fraud Prevention Programs with AARP, where she leads AARP’s efforts to educate older adults on the risks that fraud represents to their financial security. Kathy currently serves on the advisory council to the board of the International Association of Financial Crimes Investigators and on the advisory council to the Senior Issues Committee of the North American Securities Administrators Association. Kathy also serves on a Federal Reserve Working Group on scam information sharing. Before joining AARP, Kathy managed her own company, KSM Communications, and she also held various roles in public affairs at the Brookings Institution, Ernst & Young, Mercer, and the Employee Benefit Research Institute. She received her bachelor’s degree in rhetoric and communications at the University of Pittsburgh and her master’s in American government at Johns Hopkins University.
Background
Bio
International Association of Financial Crimes Investigators
Senior Issues Committee of the North American Securities Administrators Association
Federal Reserve Fraud Definitions Work Group
Financial Fraud
“6 Common Types of Investment Fraud and How to Identify Them,” by Cheryl Winokur Munk, aarp.org, April 11, 2024.
“Data Spotlight: Who Experiences Scams? A Story for All Ages,” by Emma Fletcher, ftc.gov, Dec. 8, 2022.
“Data Spotlight: Social Media: A Golden Goose for Scammers,” by Emma Fletcher, ftc.gov, Oct. 6, 2023.
“Americans Reported Losing a Record $10 Billion to Scams and Fraud in 2023,” by Christina Ianzito, aarp.org, Feb. 9, 2024.
“Many Americans Worry About Becoming Scam Victims, New Report Finds,” by Christina Ianzito, aarp.org, May 8, 2024.
“Precious Metals Scams Target Investors Amid the Pandemic,” by Hanna Kozlowska, aarp.org, Jan. 19, 2022.
“What You Need to Know to Protect Yourself Against Bank Scams,” by Patrick J. Kiger, aarp.org, Aug. 12, 2024.
Crypto and AI
“What to Know About Cryptocurrency Scams,” by Patrick J. Kiger, aarp.org, March 15, 2024.
“New Technology Has Supercharged an Old, Formidable Foe: Fraud,” by Martha Boudreau, linkedin.com, April 18, 2024.
“AI Fuels New, Frighteningly Effective Scams,” by Christina Ianzito, aarp.org, April 3, 2024.
Senior Fraud
“‛She Hooked Me’: How an Online Scam Cost a Senior Citizen His Life’s Savings,” by Feliz Solomon, wsj.com, June 8, 2024.
“5 Ways to Prevent Elder Financial Exploitation,” by John Rosengren, aarp.org, June 10, 2024.
“How to Keep a Loved One With Cognitive Decline Safe From Scams,” by Christina Ianzito, aarp.org, June 28, 2024.
Resources
Brokercheck.finra.org
Investor.gov
BankSafe
Thinkingaheadroadmap.org
aarp.org/scammap
AARP Fraud Watch Network Helpline: 877-908-3360
Internet Crime Complaint Center (IC3)
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Zijn er afleveringen die ontbreken?
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On today’s podcast, we’ll chat with two global asset-allocation specialists, Omar Aguilar from Charles Schwab and Sébastien Page from T. Rowe Price. Omar is CEO and chief investment officer for Schwab Asset Management. Before joining Schwab in 2011, he worked at a variety of firms including Financial Engines, ING Investment Management, Lehman Brothers, Merrill Lynch Investment Management, and Bankers Trust.
And Sébastien Page is head of Global Multi-Asset Investing at T. Rowe Price, where he oversees a team of investment professionals dedicated to the firm’s multi-asset portfolios. He’s a member of T. Rowe Price’s Asset Allocation Committee, and he’s also a member of the Management Committee of T. Rowe Price Group. Prior to joining the firm in 2015, Sébastien was an executive vice president at Pimco, where he led a team focused on research and development of multi-asset solutions. And he was a senior managing director at State Street Global Markets before that.
Background
Bios: Omar Aguilar
Sébastien Page
Beyond Diversification: What Every Investor Needs to Know About Asset Allocation, by Sébastien Page
Current Economic Environment
“Eight Ways RIAs, Investors View Markets Over the Next Year: Schwab,” by Dinah Wisenberg Brin, thinkadvisor.com, June 14, 2024.
“The Fed Will Now Focus on Unemployment and Labor Markets, Says Charles Schwab’s Omar Aguilar,” Video interview on Closing Bell: Overtime, cnbc.com, July 15, 2024.
“All Eyes on Central Banks,” 2024 Global Market Outlook Midyear Update, troweprice.com, June 2024.
“Inflation’s Ripple Effect on the Economy,” Market Overtime interview with Omar Aguilar, youtube.com.
“Why a Weaker Jobs Market Is Sparking Recession Fears,” by Scott Horsley, npr.org, Aug. 2, 2024.
“Inflation Coming Down Too Fast Could Hurt Earnings, Says T.Rowe Price’s Sebastien Page,” Video interview on Closing Bell: Overtime, cnbc.com, Jan. 30, 2024.
“The Four Horsemen of the Recession,” by Sébastien Page, linkedin.com, June 2, 2023.
“US Economy in ‘Solid Position’ Despite Slowing Job Growth, Says Schwab’s Aguilar,” Video interview on Squawk on the Street, cnbc.com, Aug. 4, 2023.
“Special Topic: Can the Fed Cut Rates With Financial Conditions This Loose?” by Sébastien Page, linkedin.com, June 27, 2024.
“2024 Global Market Outlook: Tectonic Shifts Create New Opportunities,” by Arif Husain, Sébastien Page, and Justin Thomson, linkedin.com, Dec. 21, 2023.
Asset Allocation
“Perspective: Asset Classes Versus Risk Factors or Asset Classes and Risk Factors?” by Sébastien Page, The Journal of Portfolio Management, Dec. 31, 2023.
“The Myth of Diversification Reconsidered,” by William Kinlaw, Mark Kritzman, Sébastien Page, and David Turkington, The Journal of Portfolio Management, August 2021.
“Personalized Target-Date Funds,” by Kobby Aboagye, Sébastien Page, Louisa Schafer, and James Tzitzouris, The Journal of Portfolio Management, March 2024.
“The Hottest Debate in Asset Allocation: Value vs. Growth Stocks,” by Sébastien Page, linkedin.com, April 25, 2024.
“The Sector X-Ray,” by Sébastien Page, linkedin.com, Aug. 31, 2023.
Valuation and Interest Rates
“When Valuation Fails,” by Sébastien Page, linkedin.com, May 29, 2024.
“Relative Valuation: A Crucial but Imperfect Guide,” by Sébastien Page, linkedin.com, Feb. 8, 2024.
“Is the Market Broadening?” by Sébastien Page, linkedin.com, Jan. 8, 2024.
“Let’s Get Real (About Interest Rates),” by Sébastien Page, linkedin.com, March 7, 2024.
Other
“The Sahm Rule Recession Indicator Definition and How It’s Calculated,” by Mallika Mitra, Investopedia.com, Aug. 5, 2024.
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Our guest on the podcast today is Jackie Cummings Koski. She is a certified financial planner, and she is the author of a new book, F.I.R.E. For Dummies. FIRE stands for financial independence, retire early. Jackie is also the co-host of a podcast, Catching Up to FI, geared toward people getting a late start on financial independence. She is founder and CEO of Money Letters, LLC, which is geared toward providing financial education. She received her undergraduate degree in communications and journalism from Augusta University and her master’s degree in personal financial planning and financial therapy from Kansas State University.
Background
Bio
F.I.R.E. for Dummies
Catching Up to FI podcast
FInominal Women
How It Began/Resources
“Financial Independence, Retire Early (FIRE) Explained: How It Works,” by Alexandra Kerr, Investopedia.com, Aug. 16, 2024.
“This Women Grew Her Wealth and Retired by Age 49—Here Are 5 Major Steps She Took to Do It,” by Jasmin Suknanan, cnbc.com, Jan. 2, 2024.
Choose FI
1500 Days to Freedom
Root of Good
Mad Fientist
Jamila Souffrant
Health Savings Accounts
“Health Savings Account (HSA): How HSAs Work, Contribution Rules,” by Julia Kagan, Ivestopedia.com, July 22, 2024.
“How an HSA Is Helping One Woman Achieve FI/RE Toward Early Retirement,” hsastore.com.
Other
“Most US States Will Soon Require Personal Finance Courses in School,” by Justin Boggs, scrippsnews.com, July 1, 2024.
Better Investing
Affordable Care Act (ACA)
“Jamila Souffrant: ‘What Type of Life Do You Actually Want to Live?’” The Long View podcast, Morningstar.com, May 28, 2024.
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On today’s podcast, we’ll chat with Daniel Peris about his new book, The Ownership Dividend: The Coming Paradigm Shift in the US Stock Market. Daniel oversees dividend-focused portfolios for Federated Hermes and has written several other books about investing, as well as a study of the former Soviet Union. Daniel began his investment career in the late ’90s as a stock analyst at Argus Research.
Background
Bio
The Ownership Dividend: The Coming Paradigm Shift in the US Stock Market
Getting Back to Business: Why Modern Portfolio Theory Fails Investors and How You Can Bring Common Sense to Your Portfolio
Storming the Heavens: The Soviet League of the Militant Godless
The Strategic Dividend Investor
Dividend Investing
“Will Dividend Investing Reign Again?” by Daniel Peris, federatedhermes.com, April 25, 2024.
“There Is Nothing Special About Dividends,” by Larry Swedroe, Morningstar.com, April 10, 2024.
“The Retreat of Dividends and the Changing Nature of the Stock Market,” by Daniel Peris, americanaffairsjournal.org, Fall 2022.
Other
William Goetzmann
“What Is the Modigliani-Miller Theorem?” by James Chen, Investopedia.com, Aug. 1, 2024.
“Markowitz Efficient Set: Meaning, Implementation, Diversification,” by Will Kenton, Ivestopedia.com, Nov. 21, 2023.
“Fama and French Three Factor Model Definition: Formula and Interpretation,” by Adam Hayes, Investopedia.com, Jan. 29, 2024.
“Tax Differential View of Dividend Policy: Meaning, How It Works,” by Julia Kagan, Investopedia.com, June 14, 2022.
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Our guest on the podcast today is Matt Hougan, one of the world’s leading experts on crypto, exchange-traded funds, and financial technology. He’s the chief investment officer for Bitwise Asset Management, which offers several cryptocurrency-related funds and ETFs. He was previously chief executive officer of ETF.com and Inside ETFs. Hougan is co-author of A Comprehensive Guide to Exchange-Traded Funds and “Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals” for the CFA Institute’s Research Foundation. He graduated from Bowdoin College with a BA in philosophy.
Background
Bio
A Comprehensive Guide to Exchange-Traded Funds (ETFs), by Matt Hougan
“Cryptoassets: The Guide to Bitcoin, Blockchain, and Cryptocurrency for Investment Professionals,” by Matt Hougan and David Lawant, CFA Research Foundation Briefs, January 2021.
The Beginning of Cryptocurrency
“The Bitcoin White Paper Is Now Officially 15 Years Old,” by Pete Rizzo, Forbes.com, Oct. 31, 2023.
“Bitcoin: A Peer-to-Peer Electronic Cash System,” by Satoshi Nakamoto
Crypto Scandals
“What Was the Silk Road Online? History and Closure by the FBI,” by the Investopedia Team, Investopedia.com, June 29, 2024.
“What Was Mt. Gox? Definition, History, Collapse, and Future,” by the Investopedia Team, Investopedia.com, April 23, 2024.
“FTX Crash Is Eerily Similar to the Bernie Madoff Scandal, ex-regulator Sheila Blair Says,” by Matt Egan, cnn.com, Nov. 15, 2022.
Crypto Performance
“Crypto Market Review (Q2 2024),” by Matt Hougan, Juan Leon, Ryan Rasmussen, Alyssa Choo, Gayatri Choudhury, and Mallika Kolar, bitwiseinvestments.com, July 9, 2024.
“Ether ETF Is One Step Away From Approval as Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Shiba Inu, and Dogecoin Turn Mixed,” by Dan Runkevicius, forbes.com, June 26, 2024.
“What Financial Advisors Don’t Know About Bitcoin ETFs,” Big Picture in Practice podcast, Morningstar.com, June 6, 2024.
“BlackRock’s $20 Billion ETF Is Now the World’s Largest Bitcoin Fund,” by Katie Greifeld and Sidhartha Shukla, Bloomberg.com, May 29, 2024.
“Bitcoin’s Role in a Traditional Portfolio,” by Matt Hougan and Gayatri Choudhury, bitwiseinvestments.com, Aug. 28, 2023.
“The 60/30/10 Portfolio: How to Build a Diversified Crypto Sleeve,” by Matt Hougan, bitwiseinvestments.com, July 22, 2024.
“Five Things to Expect by the Next Halving in 2028,” by Matt Hougan, bitwiseinvestments.com, April 23, 2024.
“The Crypto Market Sell-Off: What Happened and Where We Go From Here,” by Matt Hougan, bitwiseinvestments.com, Aug. 5, 2024.
“Ethereum ETPs and the Path to a New All-Time High,” by Matt Hougan, bitwiseinvestments.com, July 15, 2024.
Other
“Bitcoin Price Surges Above $30,500; But Warren Buffett Still Thinks It’s a Gamble,” by Harrison Miller, investors.com, April 13, 2023.
“SEC Approves Spot Ether ETFs,” by Kyle Torpey, Investopedia.com, July 23, 2024.
“What Is Tokenization?” by Matt Hougan, bitwiseinvestments.com, April 17, 2025.
Solana
CoinMarketCap
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Today we’ll chat with Carl Tannenbaum, chief economist for Northern Trust. In his role, Carl prepares the bank’s official economic outlook and participates in forecast surveys. He is a member of Northern Trust’s investment policy committee, its capital committee, and its asset/liability management committee. Prior to joining Northern Trust, Carl spent four years leading the Federal Reserve’s risk section. He was deeply involved in the central bank’s response to the 2008 financial crisis. Carl began his career in banking at LaSalle Bank/ABN AMRO, serving for more than 20 years as the organization’s chief economist and head of balance sheet management. Carl holds an MBA and a BA in finance and economics from the University of Chicago.
Background
Bio
Economic Outlook, Inflation, and Tariffs
“The Final Descent,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, July 16, 2024.
“Trust the Process,” by Carl Tannenbaum, Ryan James Boyle, and Vaibhav Tandon, Northerntrust.com, June 13, 2024.
“The Value of Economic Data,” by Carl Tannenbaum, Northerntrust.com, July 19, 2024.
“The Truth About Tariffs,” by Carl Tannenbaum, Northerntrust.com, July 3, 2024.
“A New Round of Tariffs,” by Carl Tannenbaum, Northerntrust.com, May 24, 2024.
“Inflation Has a Perception Problem,” by Carl Tannenbaum, Northerntrust.com, June 21, 2024.
“Aftershocks,” The View From Here With Carl Tannenbaum, Northerntrust.com, March 11, 2024.
The Fed and National Debt
The Fed’s Functions
Federal Reserve Bank of Chicago’s Spotlight on Childcare and the Labor Market
“Debt Matters,” The View From Here With Carl Tannenbaum, Northerntrust.com, Jan. 9, 2024.
Real Estate, Banking, and AI
“Out of Office,” The View From Here With Carl Tannenbaum, Northerntrust.com, April 1, 2024.
“Banking: Back in the News,” by Carl Tannenbaum, Northerntrust.com, Feb. 16, 2024.
“Shedding Light on Private Credit,” by Carl Tannenbaum, Northerntrust.com, May 17, 2024.
“Empowering AI,” The View From Here With Carl Tannenbaum, Northerntrust.com, July 24, 2024.
“Automation and Anxiety,” by Carl Tannenbaum, Northerntrust.com, July 12, 2024.
“Augmented Intelligence,” The View From Here With Carl Tannenbaum, Northerntrust.com, June 27, 2023.
Other
“Last Mile: What It Means in Reaching Customers,” by Adam Hayes, Investopedia.com, Sept. 11, 2023.
Committee for a Responsible Federal Budget
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Today on the podcast, we welcome back author and financial educator, Brian Feroldi. His bestselling book is Why Does the Stock Market Go Up? He is also the founder of a financial education company called Long Term Mindset and a contributor to The Motley Fool. In addition, Feroldi has a big presence on YouTube, where his videos receive hundreds of thousands of views. He received his bachelor’s degree from the University of Connecticut and his MBA from the University of Rhode Island.
Background
Bio
Long Term Mindset
The Motley Fool
Why Does the Stock Market Go Up? Everything You Should Have Been Taught About Investing in School, But Weren’t, by Brian Feroldi
Resources
Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!, by Robert Kiyosaki
Nick Maggiulli
Warren Buffett and the Interpretation of Financial Statements: The Search for the Company With a Durable Competitive Advantage, by Mary Buffett and David Clark
The Little Book That Builds Wealth: The Knockout Formula for Finding Great Investments, by Pat Dorsey
Checklists and Valuation
Investing Checklists
“How to Analyze a Company in Less Than 5 Minutes—Key Financial Ratios,” by Brian Feroldi, LinkedIn.
“How to Analyze Stocks,” by Brian Feroldi, LinkedIn.
“8 Ways to Value a Company,” by Brian Feroldi, LinkedIn.
“Face Value, Fair Value, Market Value, and Book Value. What’s the Difference?” by Brian Feroldi, LinkedIn.
“5 Essential Investing Lessons From Brian Feroldi You Can’t Ignore,” by Francesco Casarella, investing.com, Aug. 23, 2023.
Other
“Nick Maggiulli: ‘The Biggest Lie in Personal Finance,’” The Long View podcast, Morningstar.com, April 12, 2022.
“Do Global Stocks Outperform US Treasury Bills?” by Hendrik Bessembinder, Te-Feng Chen, Goeun Choi, and K.C. John Wei, paper.ssrn.com, July 5, 2019.
Brian Feroldi’s Tribute to Charlie Munger
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Our guest on the podcast today is Charles Duhigg, a Pulitzer Prize-winning investigative journalist and author of The Power of Habit, Why We Do What We Do in Life and Business, and Smarter Faster Better. His writing has won numerous honors, including the National Academies of Sciences, National Journalism, and George Polk awards. Duhigg is a former Los Angeles Times staff writer. In between 2006 and 2017, he was a reporter at The New York Times. He currently writes for The New Yorker magazine and other publications. He graduated from Yale University and earned a Master of Business Administration from Harvard Business School. He is here today to discuss his most recent book, Supercommunicators: How to Unlock the Secret Language of Connection.
Background
Bio
The New Yorker magazine
Books
Supercommunicators: How to Unlock the Secret Language of Connection
The Power of Habit: Why We Do What We Do in Life and Business
Smarter Faster Better: The Transformative Power of Real Productivity
Other
“The Experimental Generation of Interpersonal Closeness: A Procedure and Some Preliminary Findings,” by Arthur Aron, Edward Melinat, Renee J. Bator, Elaine N. Aron, and Robert Darrin Vallone, Sage Journals, April 1997.
“Unpacking the 36 Questions That Lead to Love: Why and How They Work,” by Kendra Cherry, verywellmind.com, Feb. 12, 2024.
The Harvard Study of Adult Development
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And we are thrilled to have with us today two fabulous investors in global equities. David Herro is here from Harris Associates. He is a longtime portfolio manager at Oakmark International and Oakmark International Small Cap. Rajiv Jain, to David’s left, is here from GQG Partners, which he founded in 2016. Both of these gentlemen have strategies that are rated Gold by Morningstar’s Manager Research team. So, we’re really excited to have them here and to dig into international investing and the case for international investing.
Background
David Herro Bio
Oakmark International Investor
Oakmark International Small Cap Investor
Rajiv Jain Bio
GQG Partners Global Quality Equity
GQG Partners Emerging Markets Equity
International Funds, Interest Rates, and More
“Going Where the Value Is Greater: International Equities,” by David Herro, oakmark.com, Jan. 4, 2024.
“Bloomberg Interview: Rajiv Jain Spotlights Nvidia, Discusses Elections, India’s Potential, and China,” GQG.com, June 11, 2024.
“Fund Manager Rajiv Jain Takes $2.8bn Bet on Middle Eastern Stocks,” by Jennifer Hughs and Brooke Masters, ft.com, Jan. 14, 2024.
“The Harrowing Story of a Top Manager’s Biggest Investing Mistake,” by Gregg Wolper, Morningstar.com, Aug. 30, 2023.
“David Herro’s 1st-Quarter International Equity Market Commentary: Granolas, Japan, and Crypto—Why We Don’t Chase Momentum,” by Sydnee Gatewood, gurufocus.com, April 9, 2024.
“Billionaire Fund Manager Griffin Predicts Fed Rate Cuts in 2024,” by Dan Weil, thestreet.com, May 7, 2024.
“Jamie Dimon—Head of US’ Largest Bank—Warns of 8% Interest Rates Along With Recession,” by Derek Saul, forbes.com, April 8, 2024.
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We’re hitting pause on new episodes during this holiday week. But we wanted to resurface one of our favorite conversations of the past year—the one that Jeff Ptak and I had with author and longtime columnist Scott Burns. We hope that you’ll enjoy it, and we’ll be back with a fresh episode next week.
Our guest on the podcast today is syndicated personal finance columnist and author, Scott Burns. Scott began his career as a newspaper columnist in The Boston Herald in 1977, where he was also the financial editor. In 1985, he joined the staff of The Dallas Morning News, where his column became one of the most widely read features in the paper. Along the way, he created what he called Couch Potato Investing, which involves buying and holding a broadly diversified portfolio of low-cost index mutual funds. Scott has authored or co-authored several books, including The Coming Generational Storm and Spend ‘Til the End, both of which he co-authored with Laurence Kotlikoff. He received bachelor’s degrees in humanities and biology from the Massachusetts Institute of Technology.
Background
Bio
Couch Potato Investing
The Coming Generational Storm: What You Need to Know About America’s Economic Future, by Laurence J. Kotlikoff and Scott Burns
Spend ‘Til the End: Raising Your Living Standard in Today’s Economy and When You Retire, by Laurence J. Kotlikoff and Scott Burns
Bonds and Retirement
“Do Bonds Have a Future?” by Scott Burns, Scottburns.com, May 14, 2022.
“Scott Burns: These Four Pillars of Investing Stand the Test of Time,” by Scott Burns, Dallasnews.com, July 20, 2023.
Allan Roth
“TIPS Ladder Funds Don’t Yet Exist, but They Should,” by John Rekenthaler, Morningstar.com, June 16, 2023.
“Is America Hitting Peak Consumption?” by Scott Burns, Scottburns.com, Oct. 12, 2023.
“The Pudding Report, 2022,” by Scott Burns, Scottburns.com, Jan. 15, 2023.
“Examining the Tax Deferral Gift Horse,” by Scott Burns, Scottburns.com, April 8, 2023.
Investing in Retirement
“What’s a Safe Withdrawal Rate Today?” by Christine Benz, Jeff Ptak, and John Rekenthaler, Morningstar.com, Dec. 13, 2022.
“The 4 Percent Rule Is Not Safe in a Low-Yield World,” by Michael Finke, Wade Pfau, and David Blanchett, papers.ssrn.com, Jan. 15, 2013.
“The High Cost of Immortality,” by Scott Burns, Scottburns.com, Dec. 18, 2022.
“Making a Plan to Retire Now, Not Later,” by Scott Burns, Scottburns.com, April 25, 2022.
“Is Homeownership Bigger Than It Should Be?” by Scott Burns, Scottburns.com, Nov. 14, 2020.
“Is Downsizing in Retirement Actually Possible?” by Scott Burns, Scottburns.com, Nov. 21, 2020.
Other
Portfolio Visualizer
Center for Retirement Research at Boston College
Employee Benefit Research Institute
Kaiser Family Foundation
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Today we have two guests on the podcast, Don Graves and Wade Pfau. Don Graves is the president and founder of the Housing Wealth Institute and an instructor of Retirement Income at The American College of Financial Services. He is considered one of the nation’s leading educators on incorporating housing wealth into retirement income planning. He is also the author of three books, Housing Wealth: An Advisor’s Guide to Reverse Mortgages, Housing Wealth Conversations, and The Retiree’s Guide to Housing Wealth. He graduated from the Fox School of Business at Temple University.
Wade Pfau is professor of retirement income in the Financial and Retirement Planning Program at the American College of Financial Services. He is also co-director of the American College Center for Retirement Income and Retirement Income Certified Professional program director at the American College. Pfau has written several books, including his most recent Retirement Planning Guidebook. He is a co-editor of the Journal of Personal Finance, and he publishes frequently in a wide variety of academic and practitioner research journals. Pfau holds a doctorate in economics and a master’s degree from Princeton University and Bachelor of Arts and Bachelor of Science degrees from the University of Iowa. He is also a chartered financial analyst.
Background
Don Graves: Bio
The American College of Financial Services
Books: Housing Wealth: 3 Ways the New Reverse Mortgage Is Changing Retirement Income Conversations
The Retiree’s Guide to Housing Wealth
Wade Pfau: Bio
Books: Retirement Planning Guidebook
Reverse Mortgages: How to Use Reverse Mortgages to Secure Your Retirement
Journal of Personal Finance
Reverse Mortgages
Home Equity Conversion Mortgage (HECM): Definition, Eligibility
Sandra Timmermann
“Reversing the Conventional Wisdom: Using Home Equity to Supplement Retirement Income,” by Barry H. Sacks and Stephen R. Sacks, financialplanningorganization.org, February 2012.
HECM Origination Counseling
“Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, retirementresearcher.com.
“The Decumulation Drawdown: How Spending Became the Big Dilemma in Retirement,” by Alessandra Malito, marketwatch.com, June 4, 2022.
“Jamie Hopkins: A Framework for Financial Freedom,” The Long View podcast, Morningstar.com, Dec. 2, 2022.
“Reverse Mortgage Net Principal Limit: Meaning, Pros and Cons,” by Julia Kagan, Investopedia.com, April 7, 2022.
“Understanding Why and How the HECM Line of Credit Grows,” by Wade Pfau, forbes.com, Jan. 7, 2021.
“Standby Reverse Mortgages: A Risk Management Tool for Retirement Distributions,” by John Salter, Shaun Pfeiffer, and Harold Evensky, financialplanningassociation.org, August 2012.
“Integrating Home Equity and Retirement Savings Through the “Rule of 30,’” by Peter Neuwirth, Barry Sacks, and Stephen Sacks, Journal of Financial Planning, October 2017.
“Wade Pfau: The Risk of Retirement Today,” The Long View podcast, Morningstar.com, Aug. 2, 2022.
“Unbundling Investments From Insurance to Solve for Lifetime Sequence-of-Return Risk,” by Wade Pfau, retireone.com, Jan. 12, 2022.
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Our guest on the podcast today is Scott Rick. Scott is an associate professor of marketing at the University of Michigan’s Ross School of Business. He is the author of a new book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships. He received his Ph.D. in behavioral decision research from Carnegie Mellon in 2007, and he then spent two years as a postdoctoral fellow at Wharton. His research focuses on understanding the emotional causes and consequences of consumer financial decision-making, with a particular interest in the behavior of tightwads and spendthrifts.
Background
Bio
Scottrick.com
Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, by Scott Rick
Couples, Spendthrifts, and Tightwads
“A Penny Saved Is a Partner Earned: The Romantic Appeal of Savers,” by Jenny Olson and Scott Rick, papers.ssrn.com, Sept. 1, 2017.
“Spendthrifts and Tightwads in Childhood: Feelings About Spending Predict Children’s Financial Decision Making,” by Craig E. Smith, Margaret Echelbarger, Susan A. Gelman, and Scott I. Rick, Journal of Behavioral Decision Making, December 2017.
“‘You Spent How Much?’ Toward an Understanding of How Romantic Partners Respond to Each Other’s Financial Decisions,” by Jenny Olson and Scott Rick, sciencedirect.com, 2022.
“Common Cents: Bank Account Structure and Couples’ Relationship Dynamics,” by Jenny Olson, Deborah Small, Scott Rick, and Eli Finkel, Journal of Consumer Research, December 2023.
“Subjective Knowledge Differences Within Couples Predict Influence Over Shared Financial Decisions,” by Jenny Olson and Scott Rick, journals.uchicago.edu, October 2023.
“How Much Do You Need to Know About How Your Spouse Spends Money? Maybe Less Than You Think,” by Scott Rick, theconversation.com, June 10, 2024.
Gift-Giving
“Why Gift-Giving Makes You Anxious,” by Scott Rick, Time.com, Dec. 19, 2023.
“How to Be a Better Gift-Giver to a Partner,” by Scott Rick, psychologytoday.com, Feb. 22, 2024.
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Our guest on the podcast today is Andrew Blake. Andrew is associate director of wealth management for Cerulli Associates. He is a member of Cerulli’s Wealth Management practice, leading coverage of asset manager distribution strategy for products sold through financial advisors. With a focus on the wealth management landscape, Andrew assesses trends related to advisor use of investment products as well as their relationships with clients and varying practice types. Prior to joining Cerulli, Andrew worked at John Hancock Investment Management and a Boston-area RIA. He has a BBA in marketing as well as management and strategic leadership from Ohio University.
Background
Bio
The Cerulli Report: US Intermediary Distribution 2023
The Cerulli Report: US Advisor Metrics 2023
Research
US Broker/Dealer Marketplace 2023
US RIA Marketplace 2023
US High-Net-Worth and Ultra-High-Net-Worth Markets 2023
US Retirement Markets 2023
State of US Wealth Management Technology 2024
Advisors
The Cerulli Edge: US Advisor
“More Advisors Are Making the Move to RIA, Independent Models,” by Josh Welsh, investmentnews.com, Oct. 31, 2023.
“The Role of the Retail-Direct Channel in a Growing Financial Planning Profession,” cfp.net, March 28, 2023.
“Financial Adviser Shortage Looms, Cerulli Reports,” by Natalie Lin, planadviser.com, Jan. 16, 2024.
“Asset Managers Embrace a Technology Arms Race,” cerulli.com, Oct. 27, 2022.
“As Retirement Exodus Looms, Rookie Advisor Failure Rate at 72%, Study Finds,” by Ayo Mseka, insurancenewsnet.com, Feb. 12, 2024.
Other
Creative Planning
“Peter Mallouk: The Financial Advice Industry Is ‘Still Very Messy,’” The Long View podcast, Morningstar.com, March 26, 2024.
Vanguard Personal Advisor Select
Schwab Intelligent Portfolios
iCapital
Case IQ
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Our guest this week is Keith Lee. Keith has been lead portfolio manager on the Brown Capital Management Small Company Strategy since 1992. He and the Small Company team were named Morningstar’s Fund Manager of the Year for Domestic Equity in 2015, and the mutual fund carries a Morningstar Medalist Rating of Gold. Keith is also a member of the board of directors and chairman of the management committee for Brown, and he has held the positions of CEO and CIO. He is a trustee of the Baltimore Community Foundation and active in many other Baltimore-based philanthropies. He holds a BA and an MBA from the University of Virginia.
Background
Bio
Brown Capital Management
Brown Capital Management Small Company Strategy
Brown Capital’s Proprietary Investment Philosophy
“Morningstar’s 2015 US Fund Manager of the Year Award Winners Delivered Superior Performance,” Morningstar.com, Jan. 26, 2016.
Brown Capital
“The Oracle of Apopka: Meet Eddie Brown, One of Wall Street’s Greatest Untold Stories,” by Antoine Gara, forbes.com, May 28, 2019.
“The Case for Going Small,” browncapital.com, March 27, 2023.
“I’m a Black CEO. I’ve Been Discounted on Wall Street Because of my Skin Color,” by Eddie Brown, washingtonpost.com, July 8, 2020.
“Team Decisions: Why Our Investment Team Structure Helps Us Make Better Decisions,” by Keith Lee, browncapital.com, Sept. 14, 2022.
“How We Think About Performance,” by Keith Lee, browncapital.com, June 30, 2022.
“Small Company Team Awarded Morningstar’s High ‘People Rating,’” browncapital.com, May 22, 2022.
Other
Beating the Odds: Eddie Brown’s Investing and Life Strategies, by Eddie Brown
“Opposites Attract: Why Financial Services Firms and ESOPS Are Made For Each Other,” by Mary Josephs, forbes.com, June 7, 2021.
“Mutual Funds 2030,” PwC study, pwc.com.
“Sizing the Prize—PwC’s Global Artificial Intelligence Study: Exploiting the AI Revolution,” PwC study, pwc.com.
Cognex
Bio-Techne
Veeva Systems
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Our guest on the podcast today is Jamila Souffrant. She is the author of a new book called Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness. She is also the host of the Journey to Launch podcast. Jamila’s focus is helping people increase their net worths and eliminate debt while also enjoying financial freedom. Prior to starting up her own business, Journey to Launch, she worked at MetLife for 13 years, where she managed a multimillion-dollar portfolio of real estate assets.
Background
Bio
Your Journey to Financial Freedom: A Step-by-Step Guide to Achieving Wealth and Happiness, by Jamila Souffrant
Journey to Launch podcast
Journey to Launch Podcast
“Episode 366: How to Bounce Back From Financial Setbacks and Adversity W/ Lynnette Khalfani-Cox,” Journey to Launch podcast.
“Episode 350: Creating Your Dream Life, Identifying Your Goals, & the Guacamole Lifestyle Levels,” Journey to Launch podcast.
“Episode 137—The Black Tax: The Cost of Being Black in America With Shawn Rochester,” Journey to Launch podcast.
“Episode 193—How I Bought My Condo at 22 Years Old & My Biggest Takeaways & Lessons Learned,” Journey to Launch podcast.
Other
“Financial Independence, Retire Early (FIRE) Explained: How It Works,” by Alexandra Kerr, Investopedia.com, May 15, 2024.
Mr. Money Mustache
Mad Fientist
“Lynnette Khalfani-Cox: ‘There’s a Huge Wealth Gap in America,’” The Long View podcast, morningstar.com, Sept. 28, 2021.
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This is Dan’s second appearance on The Long View, his first taking place back in May 2019, when Christine Benz and I interviewed him for the podcast. Dan is Pimco’s group chief investment officer, a managing director, and a member of the firm’s executive committee and investment committee. He is also lead portfolio manager for the firm’s Income, Credit Hedge Fund, and Mortgage Opportunistic strategies, and a portfolio manager for Total Return strategies. Morningstar named Dan Fixed-Income Manager of the Year for 2013. Dan earned his bachelor’s degree in economics from Occidental College and his MBA in analytic finance at the University of Chicago Booth School of Business. We conducted this interview at Pimco’s headquarters in Newport Beach, California.
Background
Bio
Pimco Income Institutional Fund
Pimco Credit Opportunities Bond Institutional Fund
Pimco Mortgage Opportunities and Bond Institutional Fund
“Dan Ivascyn: Building a Portfolio to Bend but not Break,” The Long View podcast, Morningstar.com, Sept. 11, 2019.
Secular Outlook
“The Aftershock Economy,” by Dan Ivascyn, Andrew Balls, and Richard Clarida, pimco.com, June 6, 2023.
“Income Fund Update: Capitalizing on the Global Opportunities in Fixed Income,” by Dan Ivascyn and Esteban Burbano, pimco.com, May 13, 2024.
“What to Expect When You’re Expecting Rate Cuts,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, April 25, 2024.
“Pimco’s Ivascyn Warns of ‘Too Much Enthusiasm’ on 2024 Rate Cuts,” by Michael Mackenzie, Bloomberg.com, Nov. 15, 2023.
“Income Fund Update: Compelling Yields Today, Potential Price Appreciation Tomorrow,” by Dan Ivascyn and Esteban Burbano, pimco.com, Feb. 20, 2024.
“Capitalizing on Market Shifts in 2024,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024.
“Bonds Look Attractive Compared With Cash, Equities,” by Dan Ivascyn, pimco.com, February 2024.
“Yield Matters: A Fresh Look at Core Bonds,” video interview with Dan Ivascyn, Mohit Mittal, and Richard Clarida, pimco.com, May 2024.
“What Higher-for-Longer Rates Mean for Investors,” video interview with Dan Ivascyn and Kimberley Stafford, pimco.com, February 2024.
“Opportunity in Focus: Private Credit,” video interview with Dan Ivascyn and Kenneth Chambers, pimco.com, January 2024.
“Navigating Uncertainty With Alternative Investments,” video interview with Dan Ivascyn and Richard Clarida, pimco.com, December 2023.
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We have two guests this week on The Long View, our colleagues, Damien Conover and Rebecca Springer, who both focus on healthcare investing—Damien on the public equity side and Rebecca focusing on private markets for Morningstar PitchBook. Damien is director of healthcare research and director of equity strategy for Morningstar Research Services. Before joining Morningstar in 2007, Damien covered healthcare for Raymond James, Bank of Montreal, and Tucker Anthony. He holds bachelor’s and master’s degrees in finance from the University of Wisconsin, where he was a member of its applied security analysis program, and he holds the CFA designation. Rebecca Springer is lead healthcare analyst for Morningstar PitchBook, where she directs coverage of private market investing across healthcare and the life sciences. She has written extensively on P/E investing in healthcare providers, the growing role of retailers in healthcare, and value-based care. She has worked in nonprofit consulting and as a college lecturer. Rebecca holds a bachelor’s from Yale, a master’s from Cambridge, and a doctorate from Oxford.
Background
Damien Conover bio
Rebecca Springer bio
Anti-Obesity Drugs and Healthcare
“Obesity Drug Stocks: Where to Invest Now,” by Diana Anghel, Morningstar.com, Dec. 7, 2023.
“Eli Lilly Earnings: Pipeline Gains and Great Diabetes and Weight-Loss Sales,” by Damien Conover, Morningstar.com, Feb. 6, 2024.
“Eli Lilly’s Strong Position in GLP-1 Drugs and Powerful Pipeline Support Industry-Leading Growth,” by Damien Conover, Morningstar.com, Feb. 6, 2024.
“Walmart, Amazon and CVS Want to Disrupt Healthcare Services. Here’s How PE and VC Could Benefit,” by Rebecca Springer, PitchBook.com, Sept. 13, 2022.
“Q2 2023: Healthcare IT Report,” PitchBook.com, Sept. 12, 2023.
“Investment Opportunities in the Biopharma Industry,” by Karen Andersen and Damien Conover, Morningstar.com, April 5, 2024.
“Research & Development Is Driving Medical Breakthroughs and Exponential Growth Opportunities,” by Damien Conover, Morningstar.com, April 7, 2022.
“Healthcare Stocks: Valuations Look Attractive Across Almost All Industries,” by Damien Conover, Morningstar.com, April 3, 2024.
“Pfizer Highlights Pipeline to Address Post-2025 Patent Cliff, as Long-Term Growth Concerns Linger,” by Damien Conover, Morningstar.com, Dec. 12, 2022.
“Can Innovation Offset Biopharma Firms’ Losses From Patent Expiration?” by Damien Conover and Karen Andersen, Morningstar.com, March 21, 2023.
“A Wide-Moat Dividend Stock to Buy That’s 35% Undervalued,” by Damien Conover, Morningstar.com, Aug. 2, 2023.
“AbbVie: Cerevel Acquisition Brings High-Risk/High-Reward Neuroscience Pipeline Drugs at a Fair Price,” by Damien Conover, Morningstar.com, Dec. 7, 2023.
“How Weight Loss Drugs Will Reshape Healthcare,” by Rebecca Springer, PitchBook.com, Nov. 16, 2023.
“Healthcare Funds Report,” PitchBook.com, Feb. 26, 2024.
“Q3 2023: Healthcare Future Report: Weight Loss Drugs,” PitchBook.com, Sept. 29, 2023.
Covid Vaccines
“Pfizer Earnings: Cost-Cutting Remains on Track to Adapt to COVID-19 Product Sale Declines,” by Damien Conover, Morningstar.com, Jan. 30, 2024.
“Focus: Drug Companies Face Covid Cliff in 2023 as Sales Set to Plummet,” by Michael Erman and Patrick Wingrove, reuters.com, Feb. 6, 2023.
Value-Based Care
“PitchBook Analyst Note: The Value-Based Care Enabler Landscape: 2024 Update,” PitchBook.com, March 14, 2024.
“Enablement Companies Are Key to the Future of Value-Based Care,” by Rebecca Springer, PitchBook.com, March 16, 2024.
“Our Value-Based Care Crystal Ball,” by Rebecca Springer, PitchBook.com, July 22, 2023.
Healthcare Market Underperformance
“Healthcare Service Report,” PitchBook.com, May 7, 2024.
“Healthcare Is a Frontier Not Even Walmart Could Conquer—And It’s Not Looking Great for Others Either,” by Katie Adams, medcitynews.com, May 1, 2024.
Other
Sesame
Amazon Clinic
Ro
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Our guest on the podcast today is Greg McBride. Greg is chief financial analyst for Bankrate.com, where he has worked for more than 25 years. He received his bachelor’s in finance from the University of Florida. He is also a CFA charterholder.
Background
Bio
Bankrate
State of the Economy/Outlook for Interest Rates
“Survey: Despite a Resilient Economy, Experts Still See a Near 1-in-2 Chance of a Recession,” by Sarah Foster, bankrate.com, Jan. 3, 2024.
“Bankrate’s Interest Rate Forecast for 2024: Mortgages, Credit Cards and More Will Stay Pricey, Even if the Fed Cuts Rates,” by Sarah Foster, bankrate.com, Jan. 2, 2024.
“Credit Card Debt Is at a Record High as Fed Raises Rates Again,” by Cora Lewis, apnews.com, March 22, 2023.
“Take These 12 Steps as the Federal Reserve Keeps Interest Rates High,” by Sarah Foster, bankrate.com, May 1, 2024.
Saving
“Survey: Two-Thirds of Savers Still Earn a Savings Account APY of Less Than 4%,” by Karen Bennett, bankrate.com, March 27, 2024.
“How the Federal Reserve Impacts Savings Account Interest Rates,” by Karen Bennett, bankrate.com, May 1, 2024.
“CD Ladder: What It Is and How to Build One,” by Rene Bennett, bankrate.com, Feb. 27, 2024.
“Why Now Might Be a Good Time to Consider Longer-Term CDs,” by Matthew Goldberg, bankrate.com, April 2, 2024.
“How to Start (and Build) an Emergency Fund,” by Karen Bennett, bankrate.com, Feb. 29, 2024.
“The Best Places to Keep Your Emergency Fund,” by Greg McBride, bankrate.com, Feb. 27, 2024.
“Greg McBride’s 2023 Guide: How to Prioritize Emergency Savings, Retirement Savings and Debt Repayment,” by Greg McBride, bankrate.com, Feb. 28, 2023.
“Is My Money Safe? What You Need to Know About Bank Failures,” by Adriana Morga, apnews.com, April 28, 2023.
“Pros and Cons of a Money Market Account,” by Greg McBride, bankrate.com, March 26, 2024.
Mortgages, Homebuying, and Auto Loans
“Forecast: Mortgage Rates to Gradually Decline in 2024,” by Jeff Ostrowski, bankrate.com, Jan. 2, 2024.
“What the Fed’s Moves Mean for Mortgages, Credit Cards and More,” by Tara Siegel Bernard, nytimes.com, March 20, 2024.
“Housing Market Predictions for 2024,” by Ruben Caginalp, bankrate.com, April 4, 2024.
“Auto Loan Forecast for 2024: Rates Should Ease for Good-Credit Borrowers,” by Rebecca Betterton, bankrate.com, Jan. 2, 2024.
Other
Rose Foundation’s Consumer Financial Education Fund
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Our guest this week is Carl Vine. Carl is co-head of Asian Investment for M&G, a UK-based asset manager. Carl joined M&G in 2019 and was appointed to the management team of the Japan and wider Asian equity strategies. Prior to M&G, Carl co-founded Port Meadow Capital Management, a boutique investment firm based in Oxford in 2014. He also worked for SAC Capital Advisors in Hong Kong, for TPG-Axon Capital, and for Prudential in both London and Tokyo. Carl is a graduate of Oxford University.
Background
Bio
M&G
M&G (Lux) Asian Fund EUR A Acc
M&G Japan Smaller Companies Fund Sterling R Inc
Japan Funds
“A Look Back on 2023 for M&G Japan Fund,” by Carl Vine, mandg.com, Jan. 18, 2024.
“Investors Are Pouring Their Love (and Money) Into These Three Funds,” by Christopher Johnson, Morningstar.co.uk, Feb. 14, 2024.
“‘I Don’t See Euphoria’: Carl Vine on M&G Japan’s Meteoric Rise to $5bn,” Video interview, citywire.com, April 18, 2024.
“Is Japan the Investment Play of 2023?” by Darius McDermott, moneymarketing.co.uk, Jan. 17. 2023.
“The Japan Opportunity,” by Carl Vine, mandg.com, March 29, 2023.
“M&G Webcast: A Unique Perspective on Japan,” Webcast with Carl Vine, mandg.com, June 2, 2023.
“Something Fundamental in Japan’s Inflation Environment Is Changing,” Webcast with Carl Vine, mandg.com, June 22, 2023.
“Enter the Dragon: Why China Is Competitively Positioned,” by David Perrett, mandg.com, March 7, 2024.
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