The Long Term Investor

Sam Ro, financial journalist and author of TKR, breaks down how earnings and business fundamentals really move markets. He covers valuation limits, why U.S. stocks have led, and when international markets might catch up. Short, clear takes on separating hard data, soft data, and media noise to keep long-term investing focused.

Get updates for my new book: https://Theperfectportfoliobook.com ----- Brad Stulberg returns to The Long Term Investor to share a more grounded, more human definition of excellence—one rooted not in perfection or status, but in meaningful work, clear values, and deep satisfaction. This conversation is full of practical wisdom for anyone trying to do great work, stay focused in a distracted world, and build a life that feels both ambitious and fulfilling. Listen now and learn: ► Why excellence is not the same as perfectionism, obsession, or winning at all costs ► How to build routines that raise the floor when life feels chaotic ► Why focus is harder than ever in the smartphone era—and what to do about it ► How AI can support excellence without replacing the deeply human parts of your craft Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠) Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here.

Clear explanation of what a 351 exchange is and why ETFs are suitable for it. A practical checklist for evaluating ETFs with no track record. Risks of new funds, why many fail early, and what survival looks like. Which investor situations make a 351 exchange useful and how to decide if seeding a fund fits your long-term plan.

A plain-English tour of the hidden plumbing behind ETFs. You hear how creation and redemption keep supply and demand balanced. The role of authorized participants and why NAV can diverge from market price are unpacked. Practical trading, spread, and tax implications for everyday investors are highlighted.

They walk through how sponsors test demand and decide whether an ETF idea is viable. Learn why seed capital matters and the difference between securities and cash seeding. Hear how distribution channels and incumbent checks determine an ETF's chances. Discover the economics of small funds, what sponsors do when assets lag, and why trading friction can make tiny ETFs costly.

Wondering if you're making the right financial moves? Let's build a strategy you can rely on. Schedule a call with Peter to get professional guidance. ----- SpaceX could be one of the most anticipated IPOs since Facebook—and whether it happens this year or years from now, the same IPO dynamics will show up the moment the headlines hit. In this episode, I use explain how IPOs actually work, why the "IPO price" isn't the price most investors can buy, and what tends to happen once trading begins. The goal isn't to talk you out of curiosity—it's to help you keep a long-term plan from getting hijacked by a short-term story. Listen now and learn: ► The one IPO detail most investors miss—and why it changes how you read every "IPO popped 30%" headline ► How shares really get distributed in a hot IPO, and why access isn't as straightforward as it sounds ► The post-IPO calendar events that can matter more than day one hype ► A simple, portfolio-first way to think about IPOs so your plan doesn't depend on "getting in early" Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. Disclosure: This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this "post" (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Plancorp LLC employees providing such comments, and should not be regarded the views of Plancorp LLC. or its respective affiliates or as a description of advisory services provided by Plancorp LLC or performance returns of any Plancorp LLC client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see disclosures here. Editing and post-production work for this episode was provided by The Podcast Consultant (⁠https://thepodcastconsultant.com⁠)

Ranie Verby, CPA and CFP who leads practice management at Plancorp, discusses how to identify a true fiduciary at an RIA. Short, practical screening questions and firm-structure red flags. The value of team-based, integrated planning when life gets messy. How behavioral finance and AI free advisors to focus on meaningful client conversations.

A clear take on how AI becomes a long, messy economic cycle with massive infrastructure and investment. Discussion of why big technological change does not guarantee obvious market winners. Exploration of the tension between builders of AI infrastructure and users who embed AI in businesses. Practical notes on gaining exposure without concentrated bets and planning for potential disappointment.

Kevin DiCiurcio, head of Vanguard's Capital Markets Model development and research lead, explains how Vanguard builds and governs its long‑term return forecasts. He breaks down what percentiles mean, contrasts 10‑year versus 30‑year outlooks, and discusses implications for asset allocation, megatrends like AI, and the signals that would change Vanguard's views.

Delve into the hidden mechanics of your retirement plan's success probability! Discover the three key inputs driving Monte Carlo analysis and why advisors have varying capital market assumptions. Learn how sticking to long-term historical averages can minimize forecasting errors and enhance planning. Peter emphasizes simplicity in assumptions, critiques common approaches, and highlights areas that can genuinely improve financial outcomes. It's a fascinating look at making your retirement strategy more robust!