The Long View

Leyla Kunimoto, founder of Accredited Investor Insights who covers private equity, private credit, and real estate from the limited partner view. She talks about private credit risks and warning signs like payment-in-kind, fund leverage and liquidity pressures. She explains secondary market quirks, how retail might gain access, and the limits of IRR and NAV accounting.

Cody Garrett, a certified financial planner and founder of Measure Twice Money, teams up with Sean Mullaney, a CPA and tax expert. They tackle early retirement strategies and how most Americans may actually pay less tax in retirement. Discussions include the limitations of the 4% withdrawal rule, the importance of strategic tax planning, and the benefits of taxable accounts for flexibility. They debunk fear-based tax myths while advising on optimal Roth conversions and drawdown strategies for retirees. Practical insights abound for anyone looking to navigate retirement finances.

Andy Reed, head of behavioral economics research at Vanguard, sheds light on how our psychological tendencies shape financial decisions. He discusses the contrast between maximizers and satisficers, the impact of early money conversations, and the age-related positivity effect that influences older investors. Reed elaborates on leveraging inertia with initiatives like Save More Tomorrow to boost savings and highlights common biases among investors. He emphasizes the importance of teaching children about money from an early age and explores the role of AI in personalized financial advice.

Cullen Roche, Founder and CIO of Discipline Funds and author of Your Perfect Portfolio, shares insights on crafting investment strategies. He discusses the evolving economic landscape, highlighting how tariffs impact markets and the potential for a K-shaped recovery. Cullen emphasizes the importance of bespoke portfolios that align with individual goals, advocating for temporal diversification to mitigate risks. He reframes risk in terms of personal financial goals and critiques stock-picking, suggesting a more tailored, systematic approach to investing.

In this engaging conversation, J.L. Collins shares his 'beer and foam' metaphor for focusing on long-term investing over daily market fluctuation. Charley Ellis emphasizes a holistic view when constructing portfolios, factoring in assets like home values and Social Security. Larry Jacobson highlights that a fulfilling retirement requires more than finances, advocating for planning purposeful activities. Carl Richards suggests practicing meaningful spending to adjust from saving to enjoying life after work, ensuring retirees savor their financial freedom.

In this engaging discussion, Eric Jacobson, a seasoned manager-research professional from Morningstar, delves into the world of evergreen funds and their liquidity risks. He sheds light on the redemption limits of these funds, emphasizing the significance of understanding their opaque features. Listeners learn about the hidden dangers associated with semi-liquid private markets and why careful consideration is essential for investors. Jacobson’s insights provide a thoughtful take on the complexities of modern investment strategies.

Lyle Fitterer, a seasoned senior portfolio manager at Baird Advisors with over 36 years in the municipal bond market, shares invaluable insights. He delves into Baird's innovative credit scoring system and usage of AI for enhancing credit analysis. Lyle clarifies the muni-to-Treasury ratio's significance and discusses current municipal valuations, highlighting attractive investment areas. He also compares indexing versus active management strategies and identifies pitfalls in municipal credits, while providing a reassuring view on the future of muni tax exemptions.

Joy Loverde, an esteemed author and eldercare expert, shares her insights on preparing for aging and caregiving. She emphasizes the importance of envisioning your future self and creating a solid plan early on, especially regarding legal documents and health issues. Joy discusses the unique challenges faced by solo agers, the need for open family communication, and innovative housing solutions like NORCs. She also explores the emotional landscape of caregiving, encouraging candid conversations about death and the role of technology in bridging generations.

Mark Higgins, Senior VP at IFA Institutional and author of 'Investing in U.S. Financial History', explores the relevance of financial history to modern investing. He reassesses Hetty Green's misunderstood legacy and details lessons from historical financial crises. Mark critiques the Fed's response to inflation and draws parallels to inflationary pressures of the 1970s. He emphasizes the dangers of shadow banking, complacency in private credit, and advocates for simpler investment strategies over complex alternatives.

Dan Lefkovitz, a Morningstar index strategist and dividend investing expert, discusses the current landscape of dividend stocks. He highlights the impact of the stock buyback boom on dividend yields and explains why the U.S. dividend stocks lag behind international ones. Listeners learn how to identify potential dividend cuts using key metrics like payout ratios and economic moats. Dan also names undervalued stocks and anticipates that 2026 could see a notable shift favoring dividend investors.