The Long Term Investor

Discover the key differences between mutual funds, ETFs, and SMAs, including their impacts on taxes, costs, and control. Learn how ETFs and SMAs can offer solutions to the pitfalls of mutual funds. Delve into the concepts of tax-loss harvesting and how it creates tax alpha. Explore the future of investing as ETFs rise in popularity, SMAs gain traction, and mutual funds retain their role in retirement plans. This discussion is essential for anyone looking to refine their investment strategy.

Fran Kinniry, a senior investment executive at Vanguard and the mastermind behind the Advisor Alpha Study, shares invaluable insights about financial advising. He discusses the hidden costs that can erode portfolio returns and emphasizes the importance of after-tax wealth over mere pre-tax gains. Kinniry explains how advisors serve as 'behavioral circuit breakers' in volatile times. He also delves into the complexities of retirement income planning and why professional financial advice remains crucial for successful investing.

Jesse Cramer, host of The Best Interest Podcast, discusses key insights on investor behavior, volatility, and the importance of long-term planning. He emphasizes that market fluctuations are normal and shouldn't derail your strategy. Listeners learn to assess their portfolios during downturns and the value of global diversification. Cramer also highlights how emotional narratives can cloud financial decision-making, guiding investors to focus on substantive, long-term goals instead.

Get updates for my new book: https://Theperfectportfoliobook.com  -----  Dan Rasmussen, author of The Humble Investor, joins me to unpack the overlooked superpower of humility in investing. We discuss why market forecasts often go wrong, how overconfidence fuels financial mistakes, and where conventional wisdom can lead investors astray. Dan also reveals the hidden risks in popular private market strategies. Listen now and learn: ► Why humility can help investors navigate market volatility. ► The misunderstood truth behind value investing.  ► The risks investors overlook in emerging markets. ► What most people get wrong about private equity and private credit.   Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions.   (02:46) Why We Misread the Future: Forecasting, Volatility, and the Illusion of Precision (09:06) How Humility Improves Investment Models and Decision-Making  (13:39) The Real Reason Value Investing Works—And When It Doesn’t (19:25) Why Value Investing Struggled in the U.S. But Not Abroad  (24:29) The Case for Geographic Diversification and Caution on Emerging Markets (30:46) The Risks of Overallocating to Private Equity  (36:14) The Danger Behind Private Credit’s Appeal   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. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).

Adam Cmejla, host of the 20/20 Money podcast, specializes in helping optometrists with their financial strategies. In this discussion, he unpacks the complexities of Opportunity Zones and cautions listeners about the risks tied to tax-driven investments. Adam emphasizes that chasing tax benefits can lead to poor decisions and stresses the importance of a well-diversified portfolio. He also previews concepts from his upcoming book, encouraging wise investment choices based on thorough analysis rather than tax incentives alone.

Nick Maggiulli, author of the finance blog Of Dollars and Data and the book The Wealth Ladder, shares transformative financial insights. He introduces the 0.01% rule for smarter spending decisions and explains the six levels of the wealth ladder, emphasizing tailored strategies. Maggiulli explores the surprising correlation between income and happiness, while highlighting why focusing on income can drive financial progress. Listeners gain practical frameworks for effective asset allocation tailored to their wealth stage.

Explore the surprising decline of the U.S. dollar and its impact on international equities. Discover how currency fluctuations can significantly affect your investment returns, using a fun lemonade stand analogy. Dive into the economic forces driving the dollar's weakness, from inflation to labor supply issues. Learn why analysts missed the mark on predictions and identify new opportunities for diversifying your portfolio in this changing landscape.

Get ready for a midyear deep dive into 2025's market dynamics! Discover the reasons behind the dramatic swings in U.S. markets and how international diversification is giving portfolios a boost this year. Explore opportunities in corporate and municipal bonds amidst evolving economic landscapes shaped by tariffs and inflation. The discussion is packed with actionable insights to help you stay focused on your long-term investment strategies and navigate upcoming challenges confidently. Tune in for a smarter investment approach!

Help vote on book cover concepts, sign up now: https://Theperfectportfoliobook.com  -----  What can the past teach us about today’s ever-changing, volatile market?   In this episode, Peter shares five timeless investing lessons drawn from market history—insights that are just as relevant today as ever. Adapted from a chapter in his upcoming book, The Perfect Portfolio, these lessons offer a clear, grounded perspective to help investors navigate uncertainty with greater confidence.   Listen now and learn: ► Why market cycles of boom and bust repeat (and how to recognize them) ► What history teaches us about chasing overpriced assets ► Why short-term volatility is the cost of long-term growth    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.

Barry Ritholtz, founder and chief investment officer of Ritholtz Wealth Management and author of How Not to Invest, dives into critical investment misconceptions. He discusses the pitfalls of relying on financial forecasts and how sensational headlines can mislead investors. Ritholtz emphasizes the importance of humility and skepticism while interpreting advice from financial celebrities. He also shares practical strategies to control emotional biases and the value of seeking professional financial guidance. Tune in for his engaging anecdotes and actionable insights!