The Long View

Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of financial well-being at Brighton Jones. Before that she was director of wealth strategies for women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor's degree in American Studies from Wellesley College and her MBA from Harvard Business School.BackgroundBioMoneyZenOn My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar.Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar.Women in Investing/Financial Planning“The White House Report on Women: 3 Surprising Insights,” by Manisha Thakor, moneyzen.com, March 8, 2011.“Women Are Quitting: How We Can Curb the ‘She-Cession’ and Support Working Women,” by Margie Warrell, forbes.com, Jan. 26, 2021.“The 5 Most Common Mistakes Investors Make,” by Manisha Thakor, moneyzen.com, Oct. 7, 2013.“Growing Up Comfortable With Money,” by Candice Helfand-Rogers, thestoryexchange.org, June 5, 2014.Financial Wellness in Younger Generations and Couples“The Worst Financial Advice to Give to a College Grad,” by Manisha Thakor, wsj.com, June 18, 2015.“Gen X & Gen Y--Dialing Financial 911,” by Manisha Thakor, moneyzen.com, Sept. 29, 2010.“Priceless Financial Advice For Recent Graduates,” by Manisha Thakor, feminist.com.“The Math Behind a Pricey College Degree,” by Manisha Thakor, wsj.com, April 16, 2014.“Don’t Buy a Property Before Saying ‘I Do’,” by Manisha Thakor, wsj.com, Feb. 12, 2014.All Your Worth: The Ultimate Lifetime Money Plan, by Elizabeth Warren and Amelia Warren Tyagi.“What is the 50/20/30 Budget Rule?” by Eric Whiteside, Investopedia.com, Oct. 29, 2020.“The Beauty of a Budget,” by Manisha Thakor, moneyzen.com, March 18, 2013.“The Quiet Wisdom of Saving,” by Manisha Thakor, moneyzen.com, Dec. 8, 2011.“Manisha Thakor on Managing Money in Uncertain Times,” by Kathleen Harris, thecru.com, April 10, 2020.“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View Podcast, Morningstar.com, May 19, 2021.Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez.“The Marriage of Love & Money: How to Protect Yourself From Financial Heartbreak,” by Manisha Thakor, moneyzen, May 6, 2013.“How to Become a Financially Compatible Couple,” by Manisha Thakor, wsj.com, Feb. 13, 2015.Financial Advice“Finding the Right Advisor: It’s Complicated,” by Jim Pavia, cnbc.com, Jan. 15, 2015.“Reboot Your Finances: A 3-Part Workshop for Women,” with Manisha Thakor, eomega.org.EllevestBettermentXY Planning NetworkMental Health“Slow Down to Do More: ‘Enjoy Life’ With Manisha Thakor,” by Ben Ari, thriveglobal.com, April 24, 2020.“Walking the Tightrope Between Workaholism and Mental Health,” mmlafleur.com, April 5, 2019. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.BackgroundBioOakmark FundsOakmark Global InvestorOakmark Global Select Investor Oakmark International InvestorOakmark International Small Cap Investor Macro“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020. “The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia, barrons.com, May 21, 2021.“Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long, oakmark.com, July 8, 2021.“Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu, oakmark.com, July 8, 2021.“Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli, oakmark.com, July 8, 2021.“Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance, oakmark.com, July 8, 2021.Financials“The Case for European Financials,” by David Herro, Jason Long, and Justin Hance, oakmark.com, March 24, 2020.“Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.“David Herro Comments on Glencore,” by Sydnee Gatewood, gurufocus.com, July 9, 2020.“David Herro on CNBC’s ‘Closing Bell,’” oakmark.com, Jan. 1, 2021.“David Herro on ‘Squawk on the Street,’” oakmark.com, June 24, 2021. “Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos, citywireusa.com, March 30, 2021.“Major Credit Suisse Investor Mulling Exit?” by Katharina Bart, finews.com, April 1, 2021.“Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick, wsj.com, April 26, 2021. ESG“Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis, Morningstar.com, May 18, 2021. “Manager Adopts Climate Measures After Investor Pressure,” Bloomberg.com, April 7, 2020.NaspersProsus Exor 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 Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.BackgroundBioPhysician on FIREEarly Retirement Lifestyle and Financial Considerations“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast, Morningstar.com, Oct. 14, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020. “Chris Mamula: What Young Retirees Need to Know,” The Long View podcast, Morningstar.com, Jan. 15, 2020. Afford AnythingThe White Coat Investor“Choose FI Over Fire,” by Leif Dahleen, physicianonfire.com.“The Most Important Factor in Retirement Withdrawal Plans,” by Leif Dahleen, physicianonfire.com.“How Early Retirement Prepared Us for the Pandemic,” by Leif Dahleen, thephysicianphilosopher.com. “How to Get Wealthy Investing in a Bear Market,” by Leif Dahleen, physicianonfire.com.“Asset Location and Making Your Money Last in Early Retirement,” by Leif Dahleen, physicianonfire.com.“Prices Are Rising. Should We Be Worried About Inflation?” by Leif Dahleen, physicianonfire.com“Social Security & Early Retirement 2021: Know Your Bend Points!” by Leif Dahleen, physicianonfire.com.“5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations,” whitecoatinvestor.com, March 30, 2021.Real Estate and Passive Income Sources “12 Passive Income Ideas for 2020 and Beyond,” by Leif Dahleen, physicianonfire.com.“My 5 Current and 3 Future Passive Income Streams,” by Leif Dahleen, physicianonfire.com.Taxes“Taxes on a Million Dollars of Earned Income,” by Leif Dahleen, physicianonfire.com.“Top 10 Ways to Lower Your Taxes,” by Leif Dahleen, physicianonfire.com.TurboTaxCharitable Giving“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar.com, May 17, 2021.“Giving Faceoff: Charitable Remainder Trust (CRT) Versus Donor Advised Fund (DAF),” by Leif Dahleen, physicianonfire.com.“A Gift on Giving Tuesday: $100 to 100 of Your Favorite Charities,” by Leif Dahleen, physicianonfire.com.“DAF Giving Tutorial From Fidelity and Vanguard Charitable,” by Leif Dahleen, physicianonfire.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Jason Zweig, a Wall Street Journal personal finance columnist and author, dives into the psychology of investing. He argues that temperament is more crucial than intelligence for investment success, emphasizing self-control and the avoidance of self-delusion. Zweig critiques the meme stock phenomenon as both cyclical and novel, and discusses the pitfalls of free trading. He also recommends clear communication for young investors and highlights the importance of simplicity in retirement income strategies.

Our guest on the podcast today is former Vanguard CEO, Jack Brennan. Jack is the author of a new book, More Straight Talk on Investing, which he cowrote along with John Woerth. He is also author of Straight Talk on Investing, which was published in 2004. Jack served as the CEO of Vanguard from 1996 to 2008 and was chairman of the board from 1998 to 2009. He is now chairman emeritus and senior advisor at Vanguard. He also serves as the chairman of the board of trustees at Notre Dame University and has served on numerous corporate boards, including General Electric and American Express. He received his undergraduate degree from Dartmouth College and his MBA from Harvard Business School.   Background  Bio  More Straight Talk on Investing: Lessons For a Lifetime  Straight Talk on Investing: What You Need to Know  Current Environment  “Opinion: Former Vanguard CEO: 5 Hurdles Facing Investors Now and How to Overcome Them,” by Jack Brennan, marketwatch.com, May 1, 2021.  “Straight Talk,” by Jack Brennan, humbledollar.com, April 27, 2021.  “Vanguard’s Jack Brennan: The Best Way to Build Wealth,” Nasdaq.com, May 24, 2021.  “The Former CEO of Vanguard Has Some Surprising Views on Alternatives,” by Julie Segal, institutionalinvestor.com, April 30, 2021.  Asset Allocation and Investing  “Run Your Race: Money Wisdom From Vanguard’s Jack Brennan,” by Chris Taylor, money.usnews.com, May 19, 2021.  “5 Investing Principles That Are Built to Last,” by Jack Brennan, investornews.vanguard.com, April 12, 2021.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Sonal Desai. Sonal is executive vice president and chief investment officer of the Franklin Templeton Fixed Income Group. In addition to her responsibilities overseeing many of Franklin’s fixed-income teams, Sonal also co-chairs the group’s fixed-income policy committee and is a member of Franklin Resources executive committee as well as the firm’s management and investment committees. Sonal is a listed portfolio manager at a number of strategies, including Core Plus, Strategic Income, and Global Fixed Income. Sonal joined Franklin in 2009 from Thames River Capital in London. Before that, Sonal worked at the International Monetary Fund and as director and senior economist at Dresdner Kleinwort Wasserstein. She earned her bachelor’s in economics from the University of Delhi and her doctorate in economics from Northwestern University.     Background  Bio  Franklin Strategic Income A  Franklin Total Return A  Franklin Low Duration Total Return A  Fiscal and Monetary Policy  “On My Mind: Adrift--Has Monetary Policy Become Unanchored?” by Sonal Desai, franklintempleton.com.  “On My Mind: Modern Magical Thinking,” by Sonal Desai, franklintempleton.com, March 12, 2019.  “On My Mind: Bringing the Economy Back From Life Support,” by Sonal Desai, franklintempleton.  “On My Mind: Now Let’s Get Those Jobs Back,” by Sonal Desai, franklintempleton.  “If You Open It, They Will Come,” by Sonal Desai, advisorperspectives.com, June 5, 2020.  “Quick Thoughts: Why Our Managers Disagree on Inflation, Rates, and Growth,” by Stephen Dover, John Bellows, Sonal Desai, and Francis Scotland, franklintempleton.com, April 23, 2021.  “U.S. Macro Outlook: Let’s Bend the Economic Growth Curve,” by Sonal Desai and Nikhil Mohan, franklintempleton.com, April 22, 2020.  “On My Mind--Inflation: The Devil We Knew,” by Sonal Desai, franklintempleton.com, Feb. 26, 2021.  Bonds  “Sonal Desai: ‘In Fixed Income, Active Investment Historically Has Been the Winning Strategy,’” by Sonal Desai, advisoranalyst.com, Nov. 8, 2019.  “On My Mind: A Tale of Two Recoveries,” by Sonal Desai, franklintempleton.com, April 22, 2021.  “Too Much of a Good Thing?” by Sonal Desai, David Yuen, John Beck, and David Zahn, franklintempleton.com, April 8, 2021.  Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Our guest this week is Eduardo Repetto. Eduardo is chief investment officer of Avantis Investors, where he is responsible for overseeing the research, design, and implementation of the firm's investment strategies. Prior to forming of Avantis in 2019, Eduardo was co-CEO, co-CIO, and a director at Dimensional Fund Advisors. Eduardo earned a Ph.D. in aeronautics from the California Institute of Technology, and an MSc degree in engineering from Brown University.BackgroundBio“American Century Launches Systematic Active Manager Avantis Investors,” by Christine Williamson, Pensions & Investments, June 26, 2019. Hal HershfieldSuzanne ShuMeir StatmanMarkets and Factors "'Is a Hot Dog a Sandwich?' Ex-DFA Chief Weighs Factor Funds and Starting Anew,” by Alex Steger, citywireusa.com, July 30, 2019.“The Joint Distribution of Value and Profitability: International Evidence,” by Sunil Wahal and Eduardo Repetto, papers.ssrn.com, Nov. 30, 2020.“Could ‘Flying to Safety’ Be Dangerous?” by Eduardo Repetto and Phil McInnis, avantisinvestors.com, April 2020. “Patrick O’Shaughnessy: ‘Custom Indexing Unlocks a Lot of Benefits,’” The Long View, Morningstar.com, May 12, 2021.“A Discussion About Value and Small-Cap Factors With Avantis Investors’ CIO Dr. Eduardo Repetto,” Jonathan Chevreau, findependencehub.com, March 30, 2021.”“Two Active ETFs We Like,” by Ben Johnson and Susan Dziubinski, Morningstar.com, Feb. 21, 2021. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

In this bonus episode of “The Long View,” we hear from three Morningstar equity analysts who cover airlines, cruise lines, and Airbnb. Welcome to “Market X-Ray," our new podcast that looks at investment opportunities and risks that go beyond the market headlines.  Want to hear more? Let us know at podcast@morningstar.com. Companies mentioned in this episode:Southwest (LUV); Delta (DAL); Royal Caribbean (RCL); Carnival (CCL); Norwegian (NCLH); Airbnb (ABNB); Booking (BKNG); Expedia (EXPE); Polaris (PII); Malibu Boats Inc. (MBUU); Sabre (SABR); Hilton (HLT); and Marriott (MAR).  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 Alan Moore. With Michael Kitces, Alan cofounded XY Planning Network, a support network for advisors looking to serve younger clients. He is also the CEO of AdvicePay, which is a compliant payment processor for financial advisors. Alan has been recognized by InvestmentNews as a top "40 Under 40" in financial planning, by Wealth Management as one of a "The 10 to Watch in 2015," and was the first recipient of the NAPFA Young Professional award in 2015. He is a certified financial planner, and he is also the host of XYPN Radio podcast. BackgroundBioXY Planning NetworkAdvicePayXYPN RadioServing Millennial Clients “Forget About Retirement Planning for Millennials,” by Alan Moore, Money.com, Feb. 10, 2015.“Why Do We Work With Younger Clients?” by Alan Moore, xyplanningnetwork.com, Oct. 16, 2017.“When Subscription Fees Work,” by Christopher Robbins, fa-mag.com, September 2019.“How Advisors Can Attract and Profitably Serve Millennial Clients,” by Alan Moore, xyplanningnetwork.com, Aug. 29, 2019.“9 Keys to Building a Practice Focused on Next-Gen Investors,” schwab.com. “The Boomer-Millennial War in Planning Is Real,” by Eric Rasmussen, fa-mag.com, March 17, 2020.The Future of Advice“How to Create a Business That Supports Your Great Life,” by Alan Moore, linkedin.com, July 13, 2015.“Don’t Be Afraid to Grow Your Firm,” by Alan Moore, xyplanningnetwork.com, Sept. 3, 2018.“Niche Advisors Grow Faster,” by Samuel Steinberger, wealthmanagement.com, Sept. 10, 2019.“Why a Niche Model Helps Advisers,” Morningstar.com, Sept. 23, 2020.“Have You Found Your Niche?” by Greg Dalgetty, investmentexecutive.com, Sept. 16, 2020.“7 Takeaways on the Future of Advice: Morningstar Panel,” by Ginger Szala, thinkadvisor.com, Sept. 17, 2020. “Financial Advisors Are Becoming More Digital, Specialized--and Affordable,” by Evie Liu, barrons.com, Sept. 17, 2020. Fiduciary StandardsFiduciary Oath“What Is a Fiduciary?” by Alan Moore, xyplanningnetwork.com, May 7, 2014.“XYPN Pivots From Supreme Court to States in Fiduciary Fight,” by Patrick Donachie, Oct. 12, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

We’ve been exploring the state of retirement in the United States on The Long View. Last week, we talked with progressive labor economist Teresa Ghilarducci. On this week’s episode, we chatted with Andrew Biggs, resident scholar at the American Enterprise Institute. He is more sanguine about the state of retirement in the U.S., though he is also in favor of some reforms. Andrew is an expert on Social Security reform, state and local government pensions, and public sector pay and benefits. Before joining AEI, Biggs was the principal deputy commissioner of the Social Security Administration, where he oversaw the agency's policy research efforts. In 2005, as an associate director of the White House National Economic Council, he worked on Social Security reform. In 2001, he joined the staff of then-President George W. Bush's Commission to Strengthen Social Security. He holds a bachelor's degree from Queen's University Belfast in Northern Ireland, master's degrees from Cambridge University and the University of London, and a Ph.D. from the London School of Economics.BackgroundBioThe American Enterprise InstituteState of Retirement in the U.S. The Model of Income in the Near Term (MINT)National Retirement Risk Index“Social Security Replacement Rates and Other Benefit Measures: An In-Depth Analysis,” Congressional Budget Office, cbo.gov, April 2019.“How Do Children Affect the Need to Save for Retirement?” by Andrew Biggs, aei.org, Dec. 16, 2019.“Two Decades Ago, Progressives Warned of a Retirement Crisis. It Didn’t Happen,” by Andrew Biggs, forbes.com, May 29, 2020.“Opinion: Here’s Some Good News for Parents Struggling to Save Enough for Retirement,” by Andrew Biggs, marketwatch.com, Jan. 26, 2020.“Improving the Measurement of Retirement Income of the Aged Population,” by Irena Dushi and Brad Trenkamp, ssa.gov, January 2021. “At Last, Some Action on Misleading Retirement Income Statistics,” by Andrew Biggs, aei.org, April 29, 2021.Social Security“Status of the Social Security and Medicare Programs: A Summary of the 2020 Annual Reports,” ssa.gov. “Obama Appoints Social Security Critic to Fix Puerto Rico’s Budget,” by David Dayen, theintercept.com, Aug. 31, 2016. “Social Security Benefits Aren’t Earned If You Didn’t Pay for Them,” by Andrew Biggs, forbes.com, March 12, 2020.“Americans Want to Own Their Retirement, not Expand Social Security,” by Andrew Biggs, realclearmarkets.com, June 19, 2020.“Factcheck: Do 40% of Retirees Rely on Social Security for Their Entire Income?” by Andrew Biggs, forbes.com, Jan. 27, 2020.“PWBM Budget Contest: A Flat Benefit for Social Security,” by Andrew Biggs, budgetmodel.wharton.upenn.edu, Jan. 26, 2021. “Social Security Reform Can Boost the Economy--or Hold it Back,” Andrew Biggs, Washingtonexaminer.com, March 26, 2021.Retirement Savings and DecumulationThrift Savings Plan“How Generous Are Federal Employee Pensions?” by Andrew Biggs, aei.org, Sept. 30, 2011.“Can Retirement Saving Increase Your Debt?” by Andrew Biggs, forbes.com, Jan. 8, 2018.“How Hard Should We Push the Poor to Save for Retirement?” by Andrew Biggs, aei.org, May 6, 2019.“Opinion: Stop Pushing Poor People to Save More for Retirement,” by Andrew Biggs, marketwatch.com, Sept. 12, 2019.“Factcheck: Will Half of Americans Over 55 Retire Poor?” by Andrew Biggs, forbes.com, Oct. 8, 2020.“Follow the Facts: Employer-Based Retirement Savings Are Stronger Than Ever,” by Andrew Biggs, forbes.com, Aug. 21. 2020. “Opinion: Now That Annuities Can Be Part of Your 401(k), Here’s How to Make Them More Palatable,” by Andrew Biggs, marketwatch.com, Jan. 11, 2020. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.