The Long View

Larry Jacobson, an author and retirement coach, specializes in helping individuals find purpose in their post-work lives. He shares insights from his own journey sailing around the world, emphasizing that true happiness in retirement stems from experiences rather than wealth. Jacobson discusses the importance of planning for fulfillment, encourages stepping out of comfort zones, and reframes retirement as an opportunity for renewal. He also explores how meaningful pursuits can be more gratifying than leisure, inspiring listeners to redefine their retirement goals.

Scott Bondurant, the founder and chief investment officer of Bondurant Investment Advisory and an adjunct professor at Northwestern University, delves into mean reversion in financial planning. He highlights how this principle can influence retirement portfolios, suggesting more stocks may be beneficial. Scott also critiques traditional models and discusses innovative tools like Nebo software for personalized planning. Alongside, he shares his fascinating journey from collegiate tennis champion to finance expert, emphasizing the importance of enjoying both wealth and community in retirement.

Joe Davis, global chief economist at Vanguard, shares insights from his book on the interplay of megatrends like AI and investment strategies. He discusses how technological advancements impact market dynamics and challenge traditional economic views. Davis emphasizes the need for portfolio resilience in a deficit-driven environment, as well as how AI is reshaping careers. He also reflects on the value of mentorship and adaptability in navigating this evolving financial landscape.

Neil Shearing, Group Chief Economist at Capital Economics and author of 'The Fractured Age', dives into the complexities of the global economy amidst rising geopolitical tensions. He discusses how US-China rivalry challenges the narrative of deglobalization, using Huawei as a case study. The episode uncovers the influence of AI on productivity and geopolitical dynamics, notably Taiwan's strategic role in chip production. Shearing also examines the resilience of the US dollar and potential shifts in supply chains, spotlighting countries like Vietnam and Mexico.

In this enlightening discussion, Lawrence Lam, managing director of Lumenary Investment Management and author of 'The Founder Effect', shares his insights on founder-led companies. He delves into why these businesses often outshine traditional firms, influenced by his own familial legacy in entrepreneurship. Lawrence explores the remarkable rise of Chemist Warehouse and its innovative strategies. He also highlights leadership lessons from Arista Networks, emphasizing adaptability and strategic insights essential for long-term success in investing.

Christine Benz, Morningstar’s director of personal finance and retirement planning, dives into the current investment landscape. She discusses the risks of complacency in the stock market and emphasizes strategic diversification, especially into international stocks. Benz advocates for mutual funds and ETFs for simplified investing as we age. As emotional investing can cloud judgement, she suggests annual portfolio reviews. The conversation also touches on aligning investment strategies with personal goals for a successful retirement.

Nick Murray, a seasoned author and financial advisor known for 'Simple Wealth, Inevitable Wealth' and his newsletter 'Nick Murray Interactive', shares profound insights on investor behavior and financial planning. He discusses the historical lessons drawn from past market crises and the psychological hurdles investors often face. Murray emphasizes the necessity of disciplined strategies and cash reserves for retirees. He also highlights the importance of navigating market cycles with a long-term focus, reassuring clients to stay committed despite volatility.

Charley Ellis, founder of Greenwich Associates and author of 'Winning the Loser's Game,' shares his extensive expertise in investment consulting. He discusses the power curve of investing, emphasizing the importance of starting early for maximum growth. The conversation tackles how technology has leveled the playing field for individual investors while critically analyzing the drawbacks of high-fee active management. Ellis advocates for low-cost index funds, addressing the complex dynamics between financial advisors and clients, urging a focus on long-term strategies for wealth building.

Cliff Asness, founder of AQR Capital Management and a renowned voice in financial research, returns to discuss pressing economic issues. He critiques the impact of tariffs and stagflation on investment strategies, advocating for diversification and uncorrelated assets. The conversation takes a humorous detour into the absurdities of meme coins while emphasizing the enduring value of well-chosen investments. Asness also examines the ongoing debate between value and growth stocks and explores the transformative role of AI in quantitative investing.

Nick Maggiulli, COO and data scientist at Ritholtz Wealth Management, returns to share insights from his new book, 'The Wealth Ladder.' He discusses the six levels of wealth and how the pandemic reshaped economic classes. Nick highlights the importance of aligning spending with personal values and introduces the 0.01 percent rule for smarter financial decisions. He also critiques the FIRE movement, stressing the need for purpose beyond just financial independence. Dive into wealth strategies and the psychology behind money in this engaging conversation!