The Long View

On today’s episode of The Long View podcast, we welcome back William Bernstein. This is Bill’s third appearance on the podcast. In fact, he was our very first guest back when we started The Long View in 2019. Bill is a neurologist turned investment advisor. He is also the author of several books, including The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and The Delusion of Crowds. Bill has just come out with a new edition of The Four Pillars of Investing. So, we wanted to have him on to discuss the new book and what’s changed since that book’s original publication more than 20 years ago.BackgroundBioThe Four Pillars of Investing, Second EditionThe Intelligent Asset Allocator: How to Build Your Portfolio to Maximize Returns and Minimize RiskIf You Can: How Millennials Can Get Rich SlowlyThe Delusion of Crowds: Why People Go Mad in Groups“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’” The Long View podcast, Morningstar.com, May 7, 2019.“Bill Bernstein: We’re Starting to See all of the Signs of a Bubble,” The Long View podcast, Morningstar.com, March 10, 2021.The Four Pillars of InvestingRobert KaplanWho Is Charlie Munger?Antti IlmanenExpected Returns: An Investor’s Guide to Harvesting Market Rewards, by Antti Ilmanen“Bernstein’s ‘4 Pillars of Investing’ & How They Work To Boost Returns,” by Anupam Nagar, economictimes.indiatimes.com, July 31, 2021.“Are You Leaving Money on the Table From Your Funds’ Returns?” by Amy Arnott, Morningstar.com, July 12, 2022.“William Bernstein on Deep Risk, Shallow Risk, and Investing for the Long-Term,” by Larry Frank, Sr., betterfinancialeducation.com, Aug. 24, 2022.Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street, by Fred SchwedRetirement“Playing Inflation Russian Roulette in Retirement,” by William Bernstein, advisorperspectives.com, Nov. 29, 2022.“Riskless at Age 104,” by William Bernstein, advisorperspectives.com, March 20, 2023.“William Bernstein on Holding Both Treasury Bonds and TIPS (or Savings I Bonds),” by Jonathan Ping, mymoneyblog.com, April 16, 2023.

Hi everyone. We’re taking the week off for the 4th of July holiday, but we wanted to use this week’s episode to honor Nobel Prize-winning economist Harry Markowitz, who recently passed away at the age of 95. Professor Markowitz is a giant of finance, someone who put diversification and Modern Portfolio Theory on the map, with his research transforming the way we allocate and invest our assets. While we didn’t have the opportunity to interview Professor Markowitz for the podcast, we were able to chat recently with someone who had interviewed him: author and financial researcher Dr. Andrew Lo. Dr. Lo recently published a book titled “In Pursuit of the Perfect Portfolio,” in which he profiled some of the leading figures in academic research and finance. None stood taller than Professor Markowitz, whom Dr. Lo discusses at length in this interview we aired in February of 2022. We think you’ll enjoy it. Thanks so much for listening and see you in a week. Have a happy holiday.Our guest this week is Dr. Andrew Lo. Dr. Lo is the Charles E. & Susan T. Harris Professor, a professor of finance, and the director of the Laboratory for Financial Engineering at the MIT Sloan School of Management. His current research spans five areas, including evolutionary models of investor behavior and adaptive markets, systemic risk, and financial regulation, among others. Dr. Lo has published extensively in academic journals and authored a number of books including In Pursuit of the Perfect Portfolio, which he cowrote with Stephen Foerster. He has received numerous awards for his work and contributions to modern finance research throughout his career. He holds a bachelor’s in economics from Yale University and an AM and Ph.D. in economics from Harvard University.BackgroundIn Pursuit of the Perfect Portfolio: The Stories, Voices, and Key Insights of the Pioneers Who Shaped the Way We Invest, by Andrew W. Lo and Stephen R. FoersterAdaptive Markets: Financial Evolution at the Speed of Thought, by Andrew W. LoHistory"Thirty Maidens of Geneva," the Tontine Coffee-House, thetch.blog.com, Aug. 5, 2019."Why 18th Century Swiss Bankers Bet on the Lives of Young Girls," by Stephen Foerster, sfoerster-5338.medium.com, Sept. 2, 2021.William F. Sharpe"Keynes the Stock Market Investor: A Quantitative Analysis," by David Chambers, Elroy Dimson, and Justin Foo, papers.ssrn.com, Sept. 26, 2013.Eugene F. Fama"Algorithmic Models of Investor Behavior," by Andrew Lo and Alexander Remorov, eqderivatives.com, 2021."In Pursuit of the Perfect Portfolio: Eugene Fama," Interview with Andrew Lo and Eugene Fama, youtube.com, Dec. 15, 2016."Why Artificial Intelligence May Not Be as Useful or as Challenging as Artificial Stupidity," by Andrew Lo, hdsr.mitpress.mit.edu, July 1, 2019.Charles D. Ellis"Charley Ellis: Why Active Investing Is Still a Loser's Game," The Long View podcast, Morningstar.com, May 27, 2020.Other"7 Principles to Help You Create Your Perfect Portfolio," by Robert Powell, marketwatch.com, Nov. 10, 2021. 

Our guests on the podcast today are Eric Weigel and Fritz Gilbert. Fritz is a repeat guest on The Long View. He writes the popular Retirement Manifesto blog, and he also wrote a book about retirement called Keys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years. Eric Weigel is the founder of a retirement coaching firm called Retire With Possibilities, and he is also the author of a book on retirement called Reimagining Retirement: 9 Keys to True Wealth. Together they collaborated on a recent survey of retirees and preretirees to gauge their attitudes about retirement and to help flag potential blind spots about retirement planning.Listen Now: Listen and subscribe to Morningstar’s The Long View from your mobile device: Apple Podcasts | Spotify | Google Play | StitcherBackgroundEric Weigel BioFritz Gilbert BioRetirement Manifesto BlogKeys to a Successful Retirement: Staying Happy, Active, and Productive in Your Retired Years, by Fritz Gilbert“Fritz Gilbert: Early Retirement Made Simple,” The Long View podcast, morningstar.com, Oct. 26, 2021.Retire With PossibilitiesReimagining Retirement: 9 Keys to True Wealth, by Eric WeigelSurvey and Results“Retirement Perspectives and Attitudes Survey,” by Fritz Gilbert and Eric Weigel, retirewithpossibilities.com, May 2023.“Laura Carstensen: ‘I’m Suggesting We Change the Way We Work,’” The Long View podcast, Morningstar.com, Sept. 14, 2021.“7 Secrets to a Great Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Feb. 2, 2023.80th Birthday—FranklinCovey video“The End of History Illusion,” by Jordi Quoidbach, Daniel Gilbert, and Timothy Wilson, science.org, Jan. 4, 2013.Blind Spots“Shining the Light on Retirement Blind Spots,” by Fritz Gilbert, theretirementmanifesto.com, May 18, 2023.“Introducing the 90/10 Rule of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, Oct. 7, 2021.Chip ConleyHolmes-Rahe Scale“Longevity and the New Journey of Retirement,” EdwardJones study, agewave.com.Other“The Ten Commandments of Retirement,” by Fritz Gilbert, theretirementmanifesto.com, March 6, 2018.

Our guest on the podcast today is New York Times economics reporter Talmon Smith. Before joining the Business desk, he was a staff editor for the Times Opinion section covering public policy, economics, and culture. He began his career as a researcher and visiting scholar at NYU’s Journalism Institute and was assistant to the editor in chief at GQ magazine. He graduated from Tufts University with a major in history.BackgroundBioTwitter handle: @talmonsmithEconomy, Inflation, and the Great Wealth Transfer“ ‘I’m in Hot Demand, Baby’: Nebraska Thrives (and Copes) With Low Unemployment,” By Talmon Joseph Smith, nytimes.com, April 1, 2022.“Job Openings Rose in April, Defying Cooling Trend,” by Talmon Joseph Smith, nytimes.com, May 31, 2023.“Companies Push Prices Higher, Protecting Profits but Adding to Inflation,” by Talmon Joseph Smith and Joe Rennison, nytimes.com, May 30, 2023.“Wages May Not Be Inflation’s Cause, but They’re the Focus of the Cure,” by Talmon Joseph Smith, seattletimes.com, April 7, 2023.“Even a Soft Landing for the Economy Might Be Uneven,” by Talmon Joseph Smith, buffalonews.com, Jan. 8, 2023.“As the Fed Raises Rates, Worries Grow About Corporate Bonds,” by Talmon Joseph Smith, nytimes.com, Nov. 11, 2022.“What Will Happen to Black Workers’ Gains if There’s a Recession?” by Talmon Joseph Smith, nytimes.com, Aug. 24, 2022.“Hiring Remains Strong Even as Fed Tries to Cool Economy,” by Talmon Joseph Smith, Lydia DePillis, and Jeanna Smialek, nytimes.com, June 3, 2022.“The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners,” by Talmon Joseph Smith, nytimes.com, May 14, 2023.

Our guest this week is Jeremy Schwartz. Jeremy is global chief investment officer for WisdomTree Investments. In that role, Jeremy leads the firm’s investment team and is responsible for constructing its equity indexes, quantitative active strategies, and model portfolios. Jeremy joined WisdomTree in May 2005 and previously held several posts at the firm, including serving as its global head of research. Prior to joining WisdomTree, Jeremy served as a research assistant for Professor Jeremy Siegel and is credited as Siegel’s co-author of the sixth edition of the book, Stocks for the Long Run. Jeremy received his bachelor’s degree from the Wharton School and is a CFA charterholder.BackgroundBioStocks for the Long Run: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies, Sixth Edition, by Jeremy Siegel, with Jeremy SchwartzThe Future for Investors: Why the Tried and True Triumphs Over the Bold and the New, by Jeremy SiegelDo-Nothing Strategies“What Beat the S&P 500 Over the Past Three Decades? Doing Nothing,” by Jeffrey Ptak, Morningstar.com, April 17, 2023.Creative Destruction: Why Companies That Are Built to Last Underperform the Market—and How to Successfully Transform Them, by Richard Foster and Sarah Kaplan“Wise Words in Warren’s Recent Letter,” by Jeremy Schwartz, wisdomtree.com, March 8, 2023.“Long-Term Returns on the Original S&P 500 Companies,” by Jeremy Siegel and Jeremy Schwartz, jstor.org, 2006.Market Outlook“The Most Important Charts for 2023,” by Jeremy Schwartz and Brian Manby, caia.org, May 8, 2023.Risk and Return“A Surprise Influence in S&P 500 Earnings? The Dollar,” by Jeremy Schwartz, wisdomtree.com, May 31, 2023.Fama and French Three Factor Model Definition: Formula and Interpretation, by Adam Hayes, www.investopedia.com, May 31, 2022.“A Deep Dive Into Growth & Momentum,” by Jeremy Schwartz, wisdomtree.com, July 12, 2021.“A Surprising Rebalance Season for S&P Style Indexes,” by Jeremy Schwartz, wisdomtree.com, Jan. 5, 2023.WisdomTree Index Performance AttributionInflation and Dividends“A New Regime for Commodities: An Update,” by Jeremy Schwartz, wisdomtree.com, May 31, 2022.“To Reveal Value, Start With Dividends,” Focus Points video series with Jeremy Schwartz, wisdomtree.com, Jan. 11, 2023.“Quality Dividend Growth Performance Viewed Through Venn by Two Sigma,” by Jeremy Schwartz and Christopher Carrano, wisdomtree.com, May 15, 2023.Foreign Stocks“Lowering Your China Risk,” by Jeremy Schwartz and Matt Wagner, wisdomtree.com, May 19, 2023.“Values Strong Run in Emerging Markets,” by Aneeka Gupta and Jeremy Schwartz, wisdomtree.com, May 5, 2023.“Don’t Layer Currency Risk on Top of Equity Exposure,” by Jeremy Schwartz and Christopher Gannatti, wisdomtree.com, 2019.ESG“Revisiting the WisdomTree ESG Model Portfolios,” by Scott Welch, wisdomtree.com, Oct. 14, 2022.“Aswath Damodaran: A Valuation Expert’s Take on Inflation, Stock Buybacks, ESG, and More,” The Long View podcast, Morningstar.com, May 16, 2023.

Today we’re welcoming back Ramit Sethi. Ramit is a personal finance expert and author. And this year, he added a new line item to his resume: TV host. His series How to Get Rich debuted on Netflix in April. It features in-depth conversations with individuals about their financial lives. Ramit’s first book, I Will Teach You to Be Rich, published in 2009, was a bestseller; a second edition of the book came out in 2019. Ramit is the founder of iwillteachyoutoberich.com, and he’s also the host of a podcast called I Will Teach You To Be Rich, which features in-depth conversations with couples about money.BackgroundBioI Will Teach You To Be Rich, by Ramit SethiI Will Teach You To Be Rich podcastHow To Get Rich, Netflix seriesTwitter: @ramit“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View podcast, Morningstar.com, Nov. 10, 2020.“Ramit Sethi: How Can Couples Make Peace Over Money?” The Long View podcast, Morningstar.com, Nov. 30, 2021.Rich Lives“10 Easy-to-Follow Money Rules to Improve Your Financial Health,” by Ramit Sethi, iwillteachyoutoberich.com, Nov. 23, 2020.“‘I Will Teach You to Be Rich’ Author: 3 Money Rules I Follow to Build Wealth and Enjoy Life—and How to Create Your Own,” by Kamaron McNair, cnbc.om, April 14, 2023.“How to Live a Rich Life (+Rules That Will Help You ACHIEVE It!),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“Ramit Sethi—How to Play Offense With Money, Plan Bucket Lists, Build a Rich Life With Your Partner, and Take a Powerful $100 Challenge (#524),” The Tim Ferriss Show podcast, tim.blog.com, July 26, 2021.Budgeting and Conscious SpendingRamit’s Conscious Spending Plan“Conscious Spending Plan: How to Budget by Looking Into the Future,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“How to Find all my Debts (& Pay Them Off),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 3, 2022.“4 Ways to Get Out of Debt Fast (+Mistakes to Avoid),” by Ramit Sethi, iwillteachyoutoberich.com, Aug. 10, 2021.Jobs and Income“Finding the Right Money-Making Ideas (That Anyone Can Do),” by Ramit Sethi, iwillteachyoutoberich.com, March 28, 2023.Homeownership“3 Practical Things Every First-Time Homebuyer Should Know, According to the Star of Netflix’s ‘How To Get Rich,’” by Lee Aquino, businessinsider.com, April 25, 2023.“Buying a House in Recession: Pros, Cons, and Expert Advice,” by Ramit Sethi, iwillteachyoutoberich.com, March 20, 2023.“Should I Buy a House Now? (5 Guidelines and Perfect Timing Tips),” by Ramit Sethi, iwillteachyoutoberich.com, Sept. 15, 2021.Investing“How to Trade Stocks (and Find Out if Trading Is Right for You),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“Here’s Our Take on Day Trading in 2023,” by Ramit Sethi, iwillteachyoutoberich.com, March 3, 2020.“How to Invest in Index Funds (Get Invested in 5 Min),” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“Diversified Investment Portfolios: How to Build One (+ Examples),” by Ramit Sethi, iwillteachyoutoberich.com, Oct. 27, 2021.“High Risk vs. Low Risk Investing (The Reality),” by Ramit Sethi, iwillteachyoutoberich.com, Dec. 16, 2022.Couples/Relationships“Love and Money: Combining Finances After Marriage,” by Ramit Sethi, iwillteachyoutoberich.com, Feb. 27, 2023.“I’ve Been Writing About Money for 15 Years, and I Can Tell You Too Many Couples Talk About Money All Wrong,” by Ramit Sethi, businessinsider.com, Feb. 27, 2019.“Episode 65. I Make $200k/Month. He Makes $2k. Who Pays for Dates? (Part 2),” I Will Teach You To Be Rich podcast, iwillteahyoutoberich.com, October 2022.Financial Advice“Do I Need a Financial Advisor? (The ONLY Guide You Need!),” by Ramit Sethi, iwillteachyoutoberich.com, July 7, 2021.(Please stay tuned for important disclosure information at the conclusion of this episode.)

Our guest this week is Joel Tillinghast, portfolio manager at Fidelity. Joel manages a number of equity funds focused on intrinsic value and mostly small-cap stocks—perhaps most notably, the Low-Priced Stock Fund, which he has managed since 1989. Joel originally joined Fidelity as an equities analyst in 1986 after famously cold-calling Peter Lynch to secure a job interview. He earned his bachelor’s in economics from Wesleyan University and MBA from the Kellogg School of Management at Northwestern and is a CFA charter holder. Joel’s track record is simply impressive. Morningstar recognized him in 2021 as Outstanding Portfolio Manager and in 2002, as Domestic Stock Fund Manager of the Year. After more than 40 years in investing, Joel is slated to retire as a full-time portfolio manager at the end of 2023. We’re so excited to host him on the podcast today to discuss his career and his insights.BackgroundBioFidelity Low-Priced StockFidelity Global Growth and Value ClassFidelity Global Intrinsic Value ClassFidelity NorthStar® FundBig Money Thinks Small: Biases, Blind Spots, and Smarter Investing, by Joel TillinghastValue and Small-Cap Investing“Don’t Judge a Stock by Its Price! That’s one of Tillinghast’s Stock-Picking Secrets,” by Anupam Nagar, economictimes.indiantimes.com, April 17, 2021.“Happy Results Turned Up Everywhere You Looked,” by Tim Gray, nytimes.com, Jan. 17, 2020.“Peter Lynch Protégé Joel Tillinghast: How to Avoid Value Traps,” by Johnny Hopkins, aquirersmultiple.com, June 25, 2018.Investment Industry“Fidelity’s Joel Tillinghast Was Out of Favor. Then the Meme-Stock Craze Happened,” by Justin Baer, wsj.com, Aug. 4, 2021.“5 Traits of Successful Investors,” by Joel Tillinghast, oprah.com.

Our guest on the podcast today is Mike Piper. He is the author of several personal finance books, the latest of which is called More Than Enough: A Brief Guide to the Questions That Arise After Realizing You Have More Than You Need. Other books include, After the Death of Your Spouse; Can I Retire?; Social Security Made Simple; Taxes Made Simple; and Investing Made Simple. Mike also writes a wonderful blog called Oblivious Investor, and he has developed a free tool for exploring Social Security-claiming decisions. It’s called Open Social Security. Mike is a certified public accountant.Background & BooksBioOblivious InvestorOpen Social Security“Mike Piper: Delaying Social Security Not Always a Good Deal,” The Long View podcast, Morningstar.com, April 27, 2021.More Than Enough: A Brief Guide to Questions That Arise After Realizing You Have More Than You NeedAfter the Death of Your Spouse: Next Financial Steps for Surviving SpousesCan I Retire?Social Security Made SimpleTaxes Made SimpleInvesting Made SimpleTax Strategies“How Much Can I Give Per Year Without Having to Pay Tax?” by Mike Piper, obliviousinvestor.com.“401(k) Rollover: Where, Why, and How,” by Mike Piper, obliviousinvestor.com.“Tax Planning Begins When Building Your Portfolio. Here’s What to Know,” by Kate Dore, cnbc.com, June 7, 2022.“Roth Conversion Planning: A Step-by-Step Approach,” by Mike Piper, obliviousinvestor.com, July 5, 2021.Social Security“Social Security Strategies for Married Couples,” by Mike Piper, obliviousinvestor.com, Jan. 1, 2020.“The Three Biggest Social Security Misconceptions,” by Mike Piper, obliviousinvestor.com, April 11, 2022.Charitable Giving“Deduction Bunching: Tax Planning Strategy for Charitable Giving,” by Mike Piper, obliviousinvestor.com, Jan. 1, 2022.“What’s the Point of a Donor-Advised Funds?” by Mike Piper, obliviousinvestor.com, Feb. 28, 2022.“Qualified Charitable Distributions (QCDs): How Do They Work, and Are They the Best Option for Charitable Giving?” by Mike Piper, obliviousinvestor.com, Nov. 22, 2021.Asset Allocation“Calculator for Backtesting a Portfolio or Asset Allocation (Also Monte Carlo Simulations),” by Mike Piper, obliviousinvestor.com, Sept. 12, 2022.“How Much Cash Should a Retirement Savings Portfolio Include?” by Mike Piper, obliviousinvestor.com, Aug. 16, 2021.“Simplifying a Retirement Bucket Portfolio,” by Mike Piper, obliviousinvestor.com, July 8, 2019.Other“Personal Representative vs. Trustee: What’s the Difference?” by Mike Piper, obliviousinvestor.com, May 22, 2023.

Hi, and welcome to The Long View. I’m Christine Benz, director of personal finance and retirement planning for Morningstar. Our guest on the podcast today is Aswath Damodaran. Damodaran is a professor of finance at the Stern School of Business at New York University, and he has been called the dean of valuation. He has written several books on equity valuation, investment management, and corporate finance. This interview was recorded at the Morningstar Investment Conference in April 2023.BackgroundBioBooks by Aswath DamodaranInterest Rates and Inflation“Inflation and Investing: Is the Genie Out of the Bottle?” by Aswath Damodaran, NYU Stern School of Business.“In Search of a Steady State: Inflation, Interest Rates, and Value,” by Aswath Damodaran, Musings on Markets blog, May 6, 2022.“A Follow Up on Inflation: The Disparate Effects on Company Values!” by Aswath Damodaran, Musings on Markets blog, May 20, 2022.“Malaise in Market Will Last Longer if Investors Behave Like It’s the ‘70s: Aswath Damodaran,” by Nikhil Agarwal, The Economic Times, Sept. 27, 2022.Equity Risk Premium“Country Default Spreads and Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business, Jan. 5, 2023.“Equity Risk Premiums (ERP): Determinants, Estimation, and Implications—The 2022 Edition,” by Aswath Damodaran, NYU Stern School of Business, March 23, 2022.“Equity Risk Premiums,” by Aswath Damodaran, NYU Stern School of Business.Buybacks“Data Update 7 for 2023: Dividends, Buybacks, and Cash Flows,” by Aswath Damodaran, Musings on Markets blog, March 8, 2023.“Aswath Damodaran: The History of Buybacks,” GuruFocus.com, Aug. 29, 2019.ESG“The ESG Movement: The ‘Goodness’ Gravy Train Rolls On,” by Aswath Damodaran, Musings on Markets blog, Sept. 14, 2021.“Valuing ESG: Doing Good or Sounding Good?” by Bradford Cornell and Aswath Damodaran, Portfolio Management Research, Fall 2020.“Professor Damodaran’s Latest ESG Takedown Overlooks One Important Group of Investors,” by Adam Fleck, Morningstar.com, April 1, 2022.Valuation and Capital Allocation“Closure in Valuation: Estimating Terminal Value,” by Aswath Damodaran, NYU Stern School of Business.“My Valuation Journey: Have Faith, You Must!” by Aswath Damodaran, NYU Stern School of Business, June 2020.“3 Fund Portfolio: How to Save for Retirement With Just Three Investments,” by Carla Fried, Forbes, July 15, 2022.Other“Michael Mauboussin: Finding Easy Games,” The Long View podcast, Morningstar.com, Jan. 25, 2022.Expectations Investing: Reading Stock Prices for Better Returns, by Michael Mauboussin and Alfred Rappaport.

Today on the podcast, we welcome back financial planning guru and Michael Kitces. I recently had the chance to catch up with Michael to get his take on asset allocation, specifically whether higher yields should have an impact on where investors hold their money. Today’s podcast is a recording of that conversation. Michael is the head of planning strategy for Buckingham Strategic Wealth, co-founder of XY Planning Network and AdvicePay and is the chief financial planning nerd—and yes, that’s his real title—for the advisor education platform Kitces.com and the Nerd’s Eye View blog. You can follow him via Twitter @MichaelKitces or on LinkedIn.BackgroundBioXY Planning NetworkAdvicePayBuckingham Strategic WealthKitces.com@MichaelKitcesInvesting Safe Assets“Where Should Investors Stash Their Safe Money Today?” Video interview with Michael Kitces and Christine Benz, Morningstar.com, April 19, 2023.“Kitces: Where to Park 3 Types of Client Cash,” by Dinah Wisenberg Brin, thinkadvisor.com, April 20, 2023.“Client Cash Management: Why It’s Important, and the Next Generation of Technology to Make It Better,” by Ben Henry-Moreland, kitces.com, Aug. 22, 2022.MaxMyInterestRising Yields, Asset Allocation, Retirement Withdrawals“How Rising Yields Should Affect Asset Allocation for Retirees, Preretirees,” Video interview with Michael Kitces and Christine Benz, Morningstar.com, May 3, 2023.“The ‘Yield-Split’ Method of Asset Allocation to Improve Tax Efficiency of Index Funds,” by Chris Murray, kitces.com, March 30, 2022.“Increasing Retirement Withdrawal Rates Through Asset Allocation,” by Michael Kitces and Wade Pfau, aaii.com.“8 Inflation Conversations for Financial Advisors to Have With Clients,” by Ben Henry-Moreland, kitces.com, April 27, 2022.“Is Private Debt Worth Considering as an (Alternative) Asset Class in Client Portfolios?” by Larry Swedroe, kitces.com, Jan. 18, 2023.“The Extraordinary Upside Potential of Sequence of Return Risk in Retirement,” by Michael Kitces, kitces.com, Feb. 20, 2019.Other“Kitces: ‘The Model Has to Change Again,’” The Long View podcast, Morningstar.com, June 5, 2019.“Michael Kitces: Does Portfolio Customization Pay Off?” The Long View podcast, Morningstar.com, Aug. 23, 2022.