The Long View

This week’s guests are Tom Idzorek, Chief Investment Officer of Retirement at Morningstar, and Paul Kaplan, former Director of Research for Morningstar Canada. They delve into their new book on lifetime financial advice. Topics include personalized financial strategies that integrate human capital, the importance of flexible planning through life changes, and maximizing tax efficiency in investing. They also discuss the role of insurance in managing financial risks throughout life, offering listeners insightful guidance for effective financial planning.

In this insightful discussion, Ed Slott, a CPA and retirement expert, shares valuable tax planning strategies ahead of 2025. He explains the intricacies of tax-loss harvesting and the importance of cost basis accounting. Ed dives into Required Minimum Distributions, highlighting common pitfalls and effective strategies, including Roth conversions. He also explores innovative charitable giving techniques for maximizing tax benefits and navigates the implications of the SALT cap for high-tax states. This episode is a treasure trove for anyone looking to optimize their financial future!

Mark Berg, founder and lead advisor at Timothy Financial Counsel, shares insights on helping children navigate financial challenges. He emphasizes the importance of teaching financial responsibility without fostering entitlement. Mark discusses strategies like allowance systems and the value of family experiences as investments. He also addresses the delicate balance of supporting major life events while maintaining financial prudence. Listeners will learn how to manage gifts and ensure a meaningful inheritance, promoting independence in their children.

Jim Murphy, a high-yield muni strategies expert at T. Rowe Price, and Charlie Hill, who manages several short and intermediate-term municipal funds, discuss the current landscape of municipal bonds. They dive into recent market turbulence and highlight how a 50 basis point rate cut could create new investment opportunities. The duo analyzes credit spreads, emphasizing the resilience of not-for-profit hospitals post-COVID, and explore the potential of high-yield municipal bonds in diversifying portfolios while maintaining low default risks.

In this conversation, Charlie Dreifus, a seasoned portfolio manager known for his expertise in small-cap value strategies, shares insights from his impressive investment career. He discusses how his family's refugee background instilled a cautious investment mentality. Dreifus explains his valuation strategies focusing on market inefficiencies and contrasts mutual funds and ETFs, highlighting their unique advantages. He emphasizes the importance of passion in both investing and personal life, illustrating how it fuels success and fulfillment.

In this discussion, Anne Tergesen, a seasoned reporter from The Wall Street Journal, shares her insights on the evolving landscape of retirement. She explores trends like automatic enrollment in 401(k)s and the challenge of fund leakage. Anne compares the U.S. retirement system to models from the UK and Australia, suggesting reforms to enhance accessibility. She dives into personal narratives from retirees, revealing the emotional journeys they undergo and highlighting the balance of work, relationships, and creative pursuits in finding fulfillment during retirement.

Phil Moeller, the primary author behind the popular 'Get What’s Yours' guidebook series, shares his extensive expertise on Medicare and Social Security. He discusses the complexities of navigating Medicare financing and the recent changes in drug costs, emphasizing the importance of understanding both traditional Medicare and Medicare Advantage plans. Moeller highlights valuable resources for consumers, such as the Medicare plan finder and the Kaiser Family Foundation. His insights equip listeners with crucial knowledge to maximize their healthcare benefits.

Jonathan Clements, founder and editor of HumbleDollar and a former Wall Street Journal columnist, opens up about his recent stage four lung cancer diagnosis, sharing insights on coping with uncertainty and cherishing small pleasures. He discusses the emotional rewards of home renovations and the complexities of balancing comfort with legacy planning. Clements also emphasizes the importance of financial literacy beyond mere investments and advocates for mentorship to empower younger investors, all while navigating his own journey with health and finances.

Jeremy Grantham, co-founder of GMO and an expert in market bubbles, shares his insights on overvalued markets and the current AI trend, which he warns may lead to another bubble burst. He discusses the troubling favoritism shown to large corporations and the potential forthcoming recession while highlighting the urgent need for climate action, likening its effects to a constricting python. Grantham also critiques capitalism's failure to address environmental issues, advocating for investment in renewable energy and sustainable practices.

Jack Nelson, the lead manager of a sustainability strategy for global emerging markets, brings valuable insights from his extensive experience. He shares transformative experiences that shaped his investing approach in markets like India, China, and Brazil. The conversation delves into the significance of analyzing individual businesses rather than macroeconomic factors, addressing the complexities of governance and the risks in countries like China. Nelson also emphasizes the need for robust communication between investors and companies to foster corporate responsibility and sustainable practices.