The Long View

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.

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.

Lyle Fitterer, a seasoned senior portfolio manager at Baird Advisors with over 36 years in the municipal bond market, shares invaluable insights. He delves into Baird's innovative credit scoring system and usage of AI for enhancing credit analysis. Lyle clarifies the muni-to-Treasury ratio's significance and discusses current municipal valuations, highlighting attractive investment areas. He also compares indexing versus active management strategies and identifies pitfalls in municipal credits, while providing a reassuring view on the future of muni tax exemptions.

Joy Loverde, an esteemed author and eldercare expert, shares her insights on preparing for aging and caregiving. She emphasizes the importance of envisioning your future self and creating a solid plan early on, especially regarding legal documents and health issues. Joy discusses the unique challenges faced by solo agers, the need for open family communication, and innovative housing solutions like NORCs. She also explores the emotional landscape of caregiving, encouraging candid conversations about death and the role of technology in bridging generations.

Mark Higgins, Senior VP at IFA Institutional and author of 'Investing in U.S. Financial History', explores the relevance of financial history to modern investing. He reassesses Hetty Green's misunderstood legacy and details lessons from historical financial crises. Mark critiques the Fed's response to inflation and draws parallels to inflationary pressures of the 1970s. He emphasizes the dangers of shadow banking, complacency in private credit, and advocates for simpler investment strategies over complex alternatives.

Dan Lefkovitz, a Morningstar index strategist and dividend investing expert, discusses the current landscape of dividend stocks. He highlights the impact of the stock buyback boom on dividend yields and explains why the U.S. dividend stocks lag behind international ones. Listeners learn how to identify potential dividend cuts using key metrics like payout ratios and economic moats. Dan also names undervalued stocks and anticipates that 2026 could see a notable shift favoring dividend investors.

In this engaging discussion, Eric Jacobson, a Senior Principal at Morningstar with decades of bond market experience, dives into the evolving landscape of fixed income. He emphasizes how inefficient segments of the bond market create opportunities for active management. Eric also explains the challenges posed by liquidity and contrasts the complexities of bonds with stocks. Key strategies, like structural trades and the use of innovative tools like ETFs, are highlighted as essential for navigating today's bond environment.

Dan Haylett, a financial planner and author, dives into the unspoken emotional aspects of retirement in his insightful discussion. He reveals how many retirees face identity crises and feelings of emptiness after ceasing work. Haylett emphasizes the importance of designing an engaging retirement, advising against solely leisure-based lifestyles. He advocates for gradual transitions into retirement, cross-generational mentorship, and the need for couples to communicate openly about their plans. With humor and perspective, he encourages living fully in the present, rather than waiting for retirement to enjoy life.

Callie Cox, Chief Market Strategist at Ritholtz Wealth Management, combines her journalism roots with market savvy to guide investors. She discusses her journey into finance, transforming complex market data into relatable insights. Callie shares a practical framework for analyzing market signals and addresses trends in AI and its effects on employment. She emphasizes the importance of educating clients about investing and navigating the noise of social media, all while advocating for gradual profit-taking in tech. Her career wisdom encourages new investors to get started.

Beth Pinsker, a certified financial planner and author of My Mother's Money, delves into the complexities of financial caregiving. She shares personal lessons learned while managing her mother's finances, the importance of preparing a financial roadmap before crises, and how to identify warning signs of scams against the elderly. Beth discusses the challenges of using power of attorney and the need for transparent record-keeping. She also emphasizes balancing independence and protection for vulnerable family members while offering practical strategies for those facing similar caregiving responsibilities.