The Long Term Investor

Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, shares her insights on the market outlook for 2026. She discusses the pitfalls of year-end price targets and highlights the importance of understanding market cycles and dynamics. Liz Ann examines the impact of the Federal Reserve's decisions and how they shape investor sentiment. She emphasizes the resilience of the U.S. dollar and warns about rising national debt's effects on growth. With a focus on broadening investment opportunities, she distinguishes between true investing and mere gambling.

Rubin Miller, an investment adviser and the voice behind the blog 'Fortunes and Frictions,' prepares investors for long-term success. He highlights the pitfalls of relying on short-term market predictions, urging a focus on behavioral finance and the unrecognized risks investors face. Rubin advocates for using ranges and probabilities when setting financial plans, stressing the importance of understanding the distinct roles of bonds and stocks. With clarity around narratives driving mistakes, he emphasizes how well-structured plans can withstand market noise.

Ashby Daniels, a former financial advisor with 16 years of experience, now creates content aimed at simplifying investing for others. He discusses why simplicity is key to successful investing and how narratives often mislead investors, especially during downturns. Ashby shares a unique Dave & Buster's analogy to illustrate 'beating the game' through understanding rather than hard work. He also critiques common misconceptions about bonds and highlights the power of patience in navigating market fluctuations.

Get updates for my new book: https://Theperfectportfoliobook.com ----- Most people think "risk" means volatility. In this episode, I define risk the way long-term investors actually experience it: the risk of failing to fund your life. Then we turn that definition into a practical plan–choosing a stock/bond mix you can live with, deciding what goes in each sleeve, and rebalancing with rules instead of gut feel. Listen now and learn: ► A clearer way to think about risk before you pick an allocation ► The two-part test that determines your stock/bond mix ► How cash fits (and where it doesn't) when you're building a long-term portfolio ► A simple rebalancing approach you can follow without overthinking it Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. 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.

Unravel the mystery of bond questions that often reflect deeper cash management issues. Discover how to quickly differentiate between portfolio decisions and cash needs. Learn about the benefits of maintaining one to two years of cash for retirees and why simplification with short-term bond funds may be more effective than complex bond ladders. Get insights into a three-bucket cash management system that balances immediate cash needs with long-term investing goals.

Get updates for my new book: https://Theperfectportfoliobook.com ----- Index funds are often pitched as the no-brainer choice for long-term investors—but are they the only rules worth following? In this episode, I use one of my favorite analogies to explain how indexing and factor investing evolved, how they differ, and how to decide which mix fits your goals and behavior. Listen now and learn: ► Why indexing became the "radar gun" of investing—and what it actually guarantees you ► The key trade-offs baked into market-cap-weighted index funds that most investors never think about ► What "factors" like value, size, profitability, and momentum really are (in plain English) ► A simple framework to know whether you should stick with plain indexing or consider adding factor tilts Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. 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.

Explore the concept of the global market portfolio, which reveals a surprising diversity of assets beyond just U.S. stocks and bonds. Discover why a traditional 60/40 mix can outperform more complex strategies. Learn how the U.S. came to dominate global markets and what that means for diversification. Delve into the historical shifts in asset classes and get practical advice on constructing a resilient portfolio. Finally, gain insights on using global weight as a crucial guideline for investment decisions.

You don't have time to sift through endless financial content. That's why I do it for you. Get my top 5 must-read articles every week in a quick, easy-to-digest email. Sign up for my newsletter. ----- Dimensional Fund Advisors' Marlena Lee joins Peter to unpack the SEC's share class exemptive relief—the change that lets one portfolio be offered as both a mutual fund and an ETF. Listen now and learn: ► Why one portfolio offered as both an ETF and a mutual fund is a game changer for investors ► How the cash-vs-basket plumbing drives taxes and who ends up with capital gains distributions ► Simple rules of thumb for choosing ETF or mutual fund when fees and tax efficiency are similar ► What to watch as managers add ETF share classes Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. (00:00) Introduction (03:18) Why "share class exemptive relief" matters (and why investors should care) (05:37) How mutual funds and ETFs handle your money—and why that changes your taxes (10:26) Why the SEC's "exemptive relief" is a big deal: one portfolio, two doors—and better tax control (16:59) ETF vs. Mutual Fund: When Costs and Taxes Converge, Let Trading Style Decide (23:30) Not every fund should add an ETF share class—and why scale and long track records matter (33:34) SMAs vs. funds: when direct ownership adds real value 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.

Get an inside look at what's shaping my thinking. Bi-weekly, I share the top 5 investing and financial planning articles I'm reading—straight to your inbox. Sign up for my newsletter. ----- In this rebroadcast, Peter sits in the guest chair to explain why he rarely recommends private markets—and the specific situations where they do belong. He lays out a clear filter built around liquidity, purpose, access, and behavior so you can decide whether private investments fit in your plan. Listen now and learn: ► A simple decision framework for alternative investments ► Why Peter is more concerned with implementing a bad idea than missing out on a good one ► What makes venture capital investing hard for most investors ► The implications of more "democratized" alternative investment products Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. 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.

Your finances have layers—investments, taxes, planning for the future. If you want a second set of eyes, Peter opened up a few spots for a quick, no-obligation call. Grab yours now. ----- Equity compensation can turbocharge wealth—and taxes. Brooklyn Fi managing partner John Owens joins Peter to share a clear year-end playbook for RSUs, ISOs/NQSOs, and ESPPs, including how to avoid AMT surprises, right-size withholding, and unwind concentrated stock positions. Listen now and learn: ► A simple order of operations for year-end equity comp decisions ► RSU withholding pitfalls (and how to fix them before April) ► ISO/AMT basics and why late-year exercises can backfire ► How to build a rules-based plan, use 10b5-1 mechanics, and when donor-advised funds make sense Visit www.TheLongTermInvestor.com for show notes, free resources, and a place to submit questions. (00:00) Introduction (03:15) A hard-won lesson: when AMT grows larger than your stock (and what to do next) (04:21) Don't start equity planning on December 15 (really) (05:19) First move: build an inventory and triage the quick wins (08:18) AMT 101 for ISO holders: the "parallel" tax you don't want to pay (10:47) RSUs: why 22% withholding often sets up an April tax bill (12:24) ESPPs: capture the discount, control concentration (14:55) Designing a rules-based sell plan to unwind concentration risk (18:11) The base rates on single stocks: why a diversification plan matters more than a "feel" (20:42) 10b5-1 plans: automate good behavior and expand your ability to sell (23:31) Charitable giving with concentrated stock: donor-advised funds and timing across 2025/2026 (26:11) Family gifting: UTMAs, kiddie tax, step-up in basis, and multi-generational choice (27:28) The year-end document checklist most people miss (29:17) When to hire help (and when not to) (31:19) Biggest year-end mistakes to avoid 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.