The Long View Best of The Long View 2025: Investing
30 snips
Dec 23, 2025 
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.
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Emerging Markets Expand Return Sources
- Hendrik du Toit argues emerging markets widen your investment universe and offer diversification beyond the U.S. heavy bet.
- He highlights strong growth in countries like China, India, Brazil, and rising local winners such as Nubank.
U.S. Lead Largely From Revaluation
- Cliff Asness notes most U.S. outperformance over 25 years came from multiple expansion rather than fundamentals.
- He suggests a diversified global portfolio and sees international equities as a value bet worth a small allocation.
Europe Benefits From Fiscal Shift And Higher Rates
- Vincent Montemaggiore points to fiscal shifts in Europe, higher rates, and defense spending as drivers of European market strength.
- He expects banks, insurers, industrials, and defense to benefit from that structural change.