The Long View Best of The Long View 2025: Financial Planning and Retirement
Dec 30, 2025
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.
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Ignore Market Foam, Focus On The Beer
- The market has two layers: short-term noise and long-term business value.
- J L Collins says ignore the foam and focus on the beer—the underlying companies you own.
View All Assets As One Portfolio
- Treat your home, future income, and Social Security as parts of your total portfolio.
- Charley Ellis argues many would reduce bonds if they considered these other assets.
Retirement Needs Purpose, Not Just Money
- Retirement planning often ignores purpose and how you'll spend time.
- Larry Jacobson says money alone won't answer what gives retirees fulfillment.