The Long View

Our guest this week is Martin Lau. This is his second appearance on The Long View, the first being in August 2021. Lau is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He has been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including FSSA Asian Equity Plus, FSSA China Growth, and FSSA Hong Kong Growth. Lau has been in the investment business for nearly three decades and is based in Hong Kong. He earned a Bachelor of Arts degree from Cambridge University, a master’s degree in engineering from Cambridge, and holds the Chartered Financial Analyst® designation.BackgroundBioFSSA Investment Managers“Martin Lau: Now Is a Better Time to Buy China,” The Long View podcast, Morningstar.com, Aug. 3, 2021.Morningstar Global Fund Report: FSSA Asian Equity PlusMorningstar Global Fund Report: FSSA China GrowthMorningstar Global Fund Report: FSSA Hong Kong GrowthChina Market and Foreign Investments“FSSA Martin Lau’s Lessons Learnt From 30 Years of Investing in China,” by Kate Lin, Morningstar.com, April 18, 2023.“Meeting Companies Amid China’s Post-Covid Rebound,” Fund Manager Q&A With Martin Lau, Winston Ke, and Helen Chen, FSSA Investment Managers, April 2023.“Client Update: A Fast Thaw After a Long Winter,” by Martin Lau, FSSA Investment Managers, March 2023.“China Equities: Keeping a Long-Term View,” by Martin Lau, FSSA Investment Managers, March 2023.“Three Themes and Companies to Play China’s Rise,” by Martin Lau, Firstlinks, March 22, 2023.

Kelli Hueler, CEO and founder of Hueler Companies, talks about the importance of lifetime income in retirement. She discusses misconceptions about annuities, the need for inflation protection, and introduces an income solutions platform for transparency and comparison shopping. She also explores Hueler's business model, their relationship with Vanguard, and analyzing income solutions and the financial strength of insurers.

Our guest on the podcast today is Cynthia Haddad, an expert on financial planning for people with disabilities and their families. Cindy co-founded Affinia Financial Group, which was just acquired by Sequoia Financial Group. Cindy is now senior vice president and wealth advisor for Sequoia’s special needs planning practice. She is also co-author of The Special Needs Planning Guide, now in its second edition. Cindy is a certified financial planner and a chartered special needs consultant. She received her bachelor’s degree in economics and finance from Simmons University.BackgroundBioJohn NadwornyThe Special Needs Planning Guide: How to Prepare for Every Stage of Your Child’s Life, by Cynthia Haddad and John NadwordyBasic Special Needs Planning“A Parent’s Guide to the Special Needs Letter of Intent,” specialneedsplanning.com.“Choosing a Guardian for an Adult With Special Needs,” specialneedsplanning.com.The Academy of Special Needs PlannersSpecial Needs AllianceNALA—The Paralegal AssociationGovernment-Provided Assistance and Special Needs TrustsThe ABLE AccountGovernment BenefitsHousing and TransitionThe Arc of Massachusetts“A Special Needs Trust and Your Plan for the Future,” specialneedsplanning.com.“How ‘Third-Party’ Special Needs Trusts Differ From Other Trusts,” specialneedsanswers.com, March 8, 2023.

Our guest this week is Katie Nixon. Katie is an executive vice president and chief investment officer for the wealth management business at Northern Trust. Katie’s responsibilities include investment policy development, and she directs the investment management activities of Northern Trust portfolio managers across the firm’s wealth management offices. She also sits on the firm’s Investment Policy Committee and Tactical Asset Allocation Committee and chairs the Wealth Management Investment Advisory Committee. Prior to joining Northern Trust, Katie worked at U.S. Trust Company as a senior leader in the firm’s wealth management division. Katie received her bachelor’s from Wellesley College and her MBA from New York University, Stern School of Business. Among other designations she’s been awarded, Katie is a CFA charter holder.BackgroundBioInflation and Interest Rates“Katie Nixon: Exploring the ‘What Ifs,’” by Katie Nixon, Morningstar.com, July 1, 2022.“Markets Brief: There’s Good News for Investors in Rates Staying Higher for Longer,” by Tom Lauricella and Caryl Anne Francia, Morningstar.com, July 7, 2023.“Stock Market Correction? It’s a Buying Opportunity,” by Anne Kates Smith, Kiplinger.com, Feb. 24, 2022.“Triumph of the Optimists?” by Katie Nixon, Northerntrust.com, Aug. 18, 2023.Yield Curve“The Yield Curve and What It Tells Us,” by Katie Nixon, Northerntrust.com, March 30, 2022.

Our guest this week is Rick Rieder. This is Rick’s second appearance on The Long View. We last interviewed him in May 2020, and we are happy to welcome him back. Rick is BlackRock’s chief investment officer of Global Fixed Income, head of the Fundamental Fixed Income Business, and head of the Global Allocation Investment Team. Rick also is a member of the firm’s Global Executive Committee, its Investment Subcommittee, and is chairman of the firmwide BlackRock Investment Council. In addition to these duties, Rick manages numerous multi-asset and fixed-income strategies, including BlackRock Global Allocation Fund and a new active exchange-traded fund that the firm recently launched called BlackRock Flexible Income ETF. BackgroundBio“Rick Rieder: Nobody Has Ever Seen Anything Like This,” The Long View podcast, Morningtar.com, May 20, 2020.BlackRock Flexible Income ETF BINCDispersion and Liquidity“Investors Rediscover the Importance of Getting Paid Back,” by Rick Rieder, blackrock.com, June 21, 2023.“BlackRock’s Rieder: Grab High Yields on Super-Safe Bonds While You Can,” by Tom Lauricella, Morningstar.com, May 18, 2023.The Economy and Inflation“BlackRock Bond Chief Rieder Says U.S. Economy in ‘Much Better Shape’ Than Doomsayers Say,” by Hugh Son, cnbc.com, May 23, 2023.“The Polyurethane Economy: Flexible and Adaptable,” by Rick Rieder, blackrock.com, Feb. 22, 2023.“5 Reasons to Call an Investment ‘Time-Out,’” by Rick Rieder, blackrock.com, March 31, 2023.“The New Inflation Regime,” blackrock.com.“Fed Chair Powell May Lean Hawkish on Inflation, but Stocks Have ‘Tremendous’ Technical Backdrop, Says BlackRock’s Rick Rieder,” by Christine Idzelis, marketwatch.com, July 26, 2023.Consumer Spending and Allocation“Investing in a Changing World: From Carburetors to Compilers,” by Rick Rieder, blackrock.com, Aug. 10, 2023.“July Jobs Report Shows the Post-Pandemic Labor Market Is Over,” by Myles Udland, finance.yahoo.com, Aug. 4, 2023.“Rotation to Duration: Seeking a More Resilient Portfolio,” by Rick Rieder, blackrock.com, Aug. 1, 2023.BlackRock Global Allocation Fund MALOX

Bill Nygren, Chief Investment Officer at Harris Associates, shares his insights on investing after major market events and the 2008 financial crisis. He discusses share repurchase as a capital allocation tool, the impact of the global financial crisis on value investors, and the analysis of Charles Schwab's investment strategy. The chapter concludes with a discussion on market mispricing and the importance of efficient cost management for long-term success.

Today on the podcast, we welcome back author and financial educator, Manisha Thakor. Manisha’s new book is called MoneyZen: The Secret to Finding Your “Enough.” She is also the founder of MoneyZen, a financial education consultancy. In addition to her latest book, Manisha is the co-author of two books with Sharon Kedar: On My Own Two Feet, published in 2007 and updated in 2013, and Get Financially Naked, which came out in 2009. Prior to founding MoneyZen, Manisha was vice president of Financial Well-Being at Brighton Jones. Before that, she was director of Wealth Strategies for Women at Buckingham Strategic Wealth. Earlier in her career, Manisha held positions at several investment management firms, including Fayez Sarofim, Sands Capital Management, and Atalanta/Sosnoff Capital. Manisha is a chartered financial analyst and a certified financial planner. She received her bachelor’s degree in American Studies from Wellesley College and her MBA from Harvard Business School.BackgroundBioMoneyZenMoneyZen: The Secret to Finding Your “Enough,” by Manisha ThakorOn My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon KedarGet Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon KedarThe Cult of Never EnoughEnough: True Measures of Money, Business, and Life, by Jack BogleFayez SarofimDerek Thompson“Perfectionism Is Increasing, and That’s Not Good News,” by Thomas Curran and Andrew P. Hill, Harvard Business Review, Jan. 26, 2018.“Does More Money Correlate With Greater Happiness?” by Michele W. Berger, penntoday.upenn.edu, March 6, 2023.Other“Manisha Thakor: Beware of ‘Junk Personal Finance,’” The Long View podcast, Morningstar.com, July 20, 2021.MoneyzenquizMary LoVerde

On the podcast today, we welcome back real estate expert and author Ilyce Glink. Ilyce writes a nationally syndicated column on real estate matters, and she has written more than a dozen books on real estate and homebuying, including 100 Questions Every First-Time Home Buyer Should Ask, which is now in its fourth edition. She is also a regular contributor to WGN Radio. In addition, she is founder and CEO of Best Money Moves, an award-winning financial wellness company that helps employees of more than 1,000 companies to improve their financial wellness and reduce financial stress. Ilyce received her bachelor’s degree in English literature from the University of Illinois at Urbana-Champaign.BackgroundBioWGN Radio100 Questions Every First-Time Home Buyer Should Ask, Fourth Edition, by Ilyce GlinkBest Money Moves“Ilyce Glink: The State of the U.S. Residential Real Estate Market,” The Long View podcast, Morningstar.com, June 28, 2022.State of the Housing Market“Home Prices, Rents Will Continue to Rise With Short Supply of Houses on Market, Analysis Finds,” by Ilyce Glink and Samuel J. Tamkin, Washingtonpost.com, July 28, 2021.“Homeowners Don’t Want to Sell, so the Market for Brand-New Homes Is Booming,” by Nicole Friedman, wsj.com, July 19, 2023.“Love, Money + Real Estate #014,” by Ilyce Glink, glink.stubstack.com, May 3, 2022.“2023 Home Buyer Resolutions,” by Ilyce Glink, thinkglink.com, Dec. 26, 2022.“Want to Buy a Home? Good Luck. We’re 4 Million Homes Short,” by Ilyce Glink, thinkglink.com, April 20, 2021.“Underbuilding Has Led to ‘Acute Shortage’ of Housing and ‘Affordability Crisis’ Study Says,” by Ilyce Glink and Samuel J. Tamkin, Washingtonpost.com, July 19, 2021.“Real Estate Trends for 2022,” by Ilyce Glink, thinkglink.com, Dec. 14, 2021.“Advice for a First-Time Homebuyer in 2023,” by Ilyce Glink and Samuel J. Tamkin, tribunecontentagency.com, Feb. 7, 2023.Rental Properties“Real Estate Matters: Homeowner Weighs Renting vs. Buying for Next Stage in Life,” by Ilyce Glink and Samuel J. Tamkin, heraldtribune.com, Aug. 8, 2021.“Is It Better to Rent or Own Your Home in Retirement?” by Ilyce Glink, thinkglink.com, Dec. 11, 2020.“Should Rental Income Be Part of Your Retirement?” by Chris Taylor, aarp.org, Aug. 1, 2022.The Home as an Investment“Capital Gains Tax on Inherited Property?” by Ilyce Glink, thinkglink.com, June 28, 2023.IRS Publication 523: Selling Your Home“Ramit Sethi: Investing Shouldn’t Be Your Identity,” The Long View podcast, Morningstar.com, June 6, 2023.“JL Collins: The Case for Simplicity,” The Long View podcast, Morningstar.com, April 5, 2022.(Please stay tuned for important disclosure information at the conclusion of this episode.)

Our guest on the podcast today is Joel Dickson, global head of enterprise advice methodology for Vanguard. Joel oversees all investment methodology development for Vanguard’s advice programs, including Vanguard Personal Advisor and Vanguard Digital Advisor. Joel has worked at Vanguard for more than 25 years in a number of investment-related roles. He earned an A.B. from Washington University in St. Louis and a Ph.D. in economics from Stanford University. Joel can speak to a huge array of investment-related topics, but today he is here to discuss “How America Saves,” which is Vanguard’s annual report on the 401(k) plans it oversees and one of the best lenses into the state of American’s retirement preparedness.BackgroundBioHow America SavesHow America Saves 2023“401(k) Auto Enrollment,” by Kat Tretina, forbes.com, Dec. 30, 2022.“Target-Date Funds Have Normalized Workers’ Equity Allocations,” by Noah Zuss, plansponsor.com, April 10, 2023.“Positive Signs in a Challenging Economy,” Vanguard.com, Feb. 3, 2023.“A More Personalized Approach to Financial Advice,” by Joel Dickson, Vanguard.com, Sept. 23, 2022.“SECURE 2.0 Offers New Wealth-Boosting Opportunities,” by Joel Dickson, Vanguard.com, May 9, 2023.Other“Boys Will Be Boys: Gender, Overconfidence, and Common Stock Investment,” by Brad M. Barber and Terrance Odean, The Quarterly Journal of Economics, February 2001.

Our guest this week is Dave Sekera. Dave is chief U.S. market strategist for Morningstar Research Services. In his role, Dave publishes research and commentary on the state of the markets and is a leading voice on Morningstar.com and other platforms. Before assuming his current role, Dave was a managing director for DBRS Morningstar. Prior to joining Morningstar in 2010, Dave worked in the alternative asset management field. Dave earned his bachelor’s degree in finance and decision sciences from Miami University and holds the Chartered Financial Analyst designation. You can follow him on Twitter at @MstarMarkets.BackgroundBioTwitter handle: @MstarMarketsStock Market and Market Concentration“The U.S. Stock Market Is Undervalued, but It Looks Like a Rough Road Ahead,” by Dave Sekera, Morningstar.com, March 3, 2023.“What to Expect From Stocks in 2023,” by Susan Dziubinski and Dave Sekera, Morningstar.com, Jan. 23, 2023.“How to Invest in 2023′s Uncertain Market,” by David Sekera, Morningstar.com, March 27, 2023.“Q3 Stock Market Update: Time to Batten Down the Hatches or Raise the Sail,” by Dave Sekera, Morningstar.com, June 30, 2023.“3 Cheap Stocks to Buy and Hold This Summer,” by Dave Sekera and Susan Dziubinski, Morningstar.com, July 10, 2023.“Markets Brief: The ‘Magnificent 7′ Stock Have Driven the Rally, but Are They Too Expensive Now?” by Caryl Anne Francia, Morningstar.com, June 23, 2023.“Despite Rally, Stock Market Remains Undervalued,” by Dave Sekera, Morningstar.com, May 8, 2023.Sector View“4 Stocks to Buy in Q3 2023,” by Dave Sekera and Susan Dziubinski, Morningstar.com, July 5, 2023.“33 Undervalued Stocks,” by Susan Dziubinski, Morningstar.com, July 3, 2023.“10 Top Small-Cap Stocks to Buy for the Long Term,” by Susan Dziubinski, Morningstar.com, June 20, 2023.“2 Big Tech Stocks to Buy,” by David Sekera, Ali Mogharabi, and Susan Dziubinski, Morningstar.com, May 8, 2023.Value and Quality“Markets Brief: Fading Recession Fears, Cheap Valuations Have Small-Cap Stocks Looking Attractive,” by Sandy Ward and Jakir Hossain, Morningstar.com, June 2, 2023.“4 Undervalued Wide-Moat Stocks With Defensive Traits,” by Susan Dziubinski and Dave Sekera, Morningstar.com, June 26, 2023.Macroeconomic EnvironmentPreston Caldwell“U.S. Leading Indicators,” The Conference Board, conference-board.org, June 22, 2023.Bonds and Credit and Risk“Markets Brief: There’s Good News for Investors in Rates Staying Higher for Longer,” by Tom Lauricella and Caryl Anne Francia, Morningstar.com, July 7, 2023.“5 Undervalued Stocks for a Sideways Market,” by David Sekera and Susan Dziubinski, Morningstar.com, May 22, 2023.“Where to Invest in Bonds in 2023,” by David Sekera, Morningstar.com, Dec. 14, 2022.Real Estate“5 Cheap Real Estate Stocks to Buy,” by David Sekera and Susan Dziubinski, Morningstar.com, March 6, 2023.“Markets Brief: 10th Straight Fed Rate Hike Rate on Tap,” by Sandy Ward and Jakir Hossain, Morningstar.com, April 28, 2023.