The Long View

Our guest on the podcast today is Michael Falk. Falk is a partner at the Focus Consulting Group, where he specializes in helping investment and wealth management firms with investment decision-making, strategic planning, and succession. Previously, he was a chief strategist at Global Macro LP and a chief investment officer in charge of manager due diligence and asset allocation for a multi-billion-dollar advisory practice. Falk has authored or coauthored several books, including Let's All Learn How to Fish To Sustain Long-Term Economic Growth, Get to Work on OUR Future, and Money, Meaning, and Mindsets. He is a frequent public speaker and is also a CFA charterholder. BackgroundBioLet's All Learn How to Fish … To Sustain Long-Term Economic Growth, by Michael FalkGet to Work … On OUR Future, by Michael FalkMoney, Meaning, and Mindsets: Radical Reform for the Investment Industry, by Michael Falk"Jason Zweig: Temperament Is Everything for Most Investors," The Long View podcast, Morningstar.com, June 29, 2021.Retirement and Target-Date Funds"Psychological Safety & Career Risk in the Investment Management Industry," by Michael Falk and Bob Schmidt, Brandes Institute, February 2020.“Enough About the Assets, Already!" by Michael Falk, Retirement InSight and Trends, 2014."Falk: Immunize Your Retirement Portfolio Before Optimizing," Morningstar.com, June 30, 2014."Off With Your (Rules of) Thumbs!" by Michael Falk, Retirement InSight and Trends, 2015."Target Date Fund Warning," by Terry Savage, terrysavage.com, July 6, 2021."Is Retirement Past Its Prime? The Economic & Behavioral Realities of Retirement," by Michael Falk, Retirement InSight and Trends, 2014."A Popular Retirement Rule of Thumb Isn't Wrong, but It Could Be Disruptive for Retirees," by Stephanie Yang, yahoo.com, July 9, 2014.Investments and Asset Allocation"Michael Falk: Emotional Intelligence as Investment Alpha," Standard Deviations With Dr. Daniel Crosby, Aug. 17, 2021."Still Learning to Fish: Three Years On," by Michael Falk, CFA Institute, Jan. 23, 2020."Everything You Need to Know About Investing," by Michael Falk, Investments & Wealth Monitor, November/December 2020."Taking Investment Teams From Good to Great," by Michael Falk, CFA Institute, Oct. 4, 2018."Michael Falk: I'll Never Buy Bonds Again, and You Shouldn't Either," Money Life With Chuck Jaffe, Dec. 31, 2020.Herfindahl-Hirschman Index"Crypto Dreamin'? The Good, the Bad, and the Ugly," by Michael Falk, CFA Institute, June 16, 2020."Green Carrots and Sticks: Incentivizing Climate Solutions," by Michael Falk and Joachim Klement, CFA Institute, June 23, 2021."An Alternative to the 60/40 Portfolio," by Ben Carlson, A Wealth of Common Sense, March 5, 2015."Michael Falk: How a Money Mind Deals With a Terminal Diagnosis," Money Life With Chuck Jaffe, Feb. 26, 2020.

 Our guest this week is Rick Bookstaber. Rick is the head of risk of Fabric, a startup he founded to provide risk-management software to individual investors through the financial advisors who serve them. Prior to founding Fabric, Rick held a number of senior risk-management roles, most recently as chief risk officer at the University of California system, and before that at various hedge funds and banks, including Bridgewater, FrontPoint Partners, Morgan Stanley, and Salomon Brothers. He also served in the Obama administration, where his work included stints with the Financial Stability Oversight Council and at the SEC on the Volcker Rule and other regulations. Rick has authored several books, including A Demon of Our Own Design, which was published in 2007, as well as The End of Theory, which was published in 2017. Rick received his bachelor’s in economics at Brigham Young University and earned a doctorate in economics from MIT.BackgroundBioFabricA Demon of Our Own Design: Markets, Hedge Funds, and the Perils of Financial Innovation, by Rick BookstaberThe End of Theory: Financial Crises, the Failure of Economics, and the Sweep of Human Interaction, by Rick BookstaberRisk Management Macro “7 Risks That Are Creating a New Market Paradigm,” by Rick Bookstaber, barrons.com, June 17, 2021.“Agent-Based Models for Financial Crises,” by Rick Bookstaber, bookstaber.com, Aug. 30, 2017.“Can Global Capitalism Survive in its Current Form?” by Rick Bookstaber, Age of Economics on youtube.com, March 6, 2021.“Bill Bernstein: We’re Starting to See All of the Signs of a Bubble,” The Long View Podcast, Morningstar.com, March 10, 2021.“A More Realistic Look at Risk,” by Amanda White, top1000funds.com, Oct. 6, 2017. “Can High Liquidity + Low Volatility = High Risk?” by Rick Bookstaber, rick.bookstaber.com, Aug. 23, 2007.“Our Low Risk (Low Volatility) World,” by Rick Bookstaber, rick.bookstaber.com, Nov. 4, 2017.“Building Forward-Looking Scenarios: Why You’re Doing It Wrong,” by Rick Bookstaber, Alicia Karspeck, and Govinda Quish, risk.net, Aug. 3, 2021.Investments“How to Make Risk Management Work for Advisers,” by Rick Bookstaber, investmentnews.com, June 24, 2021.Aladdin (BlackRock)“MSCI’s Principles of Sustainable Investing,” msci.com.Organization and Culture“Adaptability Versus Optimization: The Cockroach Approach,” by Alex Barrow, macro-ops.com, Aug. 28, 2019.“Opinion: A Chief Risk Officer Offers the Simplest Way to Fight Back Against Stock-Market Memes,” by Rick Bookstaber, marketwatch.com, July 10, 2021.“This Is the Way Facebook Ends (and Maybe Apple and Google),” by Rick Bookstaber, rick.bookstaber.com, Jan. 28, 2018.“Facebook and the Awakening of our Private Selves,” by Rick Bookstaber, rick.bookstaber.com, April 1, 2018.

Our guest on the podcast today is Sarah Newcomb, director of behavioral science at Morningstar. In her role she works to integrate the findings of her research into Morningstar financial management applications and tools. Before joining Morningstar in 2015, Sarah earned her doctorate in behavioral economics from the University of Maine, where her work focused on the psychological barriers to sound personal money management. She's the author of Loaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind. Sarah also holds a bachelor’s degree in mathematics from Salem State University, a master's degree in financial economics from the University of Maine, and a master’s certification in personal financial planning from Bentley University.BackgroundBioLoaded: Money, Psychology, and How to Get Ahead Without Leaving Your Values Behind, by Sarah NewcombFinancial Education“Smart Shortcuts for the Good-Enough Investor,” by Sarah Newcomb, Morningstar.com, Sept. 3, 2019. “Can a Rule of Thumb Be a Shortcut to Financial Well-Being?” by Samantha Lamas, Morningstar.com, Jan. 25, 2021. “Keeping it Simple: Financial Literacy and Rules of Thumb,” by Greg Fischer, Alejandro Drexler, and Antoinette Schoar, findevgateway.org, July 1, 2010.“Making the Science Practical: Behavioral Interventions in Practice,” by Sarah Newcomb and Benjamin Cummings, researchgate.net, January 2019.“A Simple Plan for Financial Independence,” by Sarah Newcomb, Morningstar.com, Oct. 15, 2019.“The Complicated Art of Making Things Simple,” by Sarah Newcomb and Samantha Lamas, fa-mag.com, May/June 2017.“Sarah Newcomb: Understanding a Client’s Money Mindset in Order to Maximize Their Well-Being,” The Human Side of Money podcast with Brendan Frazier, audible.com, March 17, 2021.“Encouraging Action Through Design and Testing,” by Sarah Newcomb, slideshare.net, April 29, 2015.“Don’t Give Up on Financial Literacy Efforts,” investmentnews.com, Feb. 8, 2020.“Money Doesn’t Buy Happiness, but Power Might,” by Sarah Newcomb, medium.com, Jan. 13, 2017.“Coaching Clients to Teach Their Kids About Investing,” by Sarah Newcomb, investmentnews.com, Jan. 21, 2020.“How to Start Teaching Your Kids About Money,” by Sarah Newcomb and Samantha Lamas, Morningstar.com, Aug. 4, 2018.“What Is Mad Money?” by Keonhee Kim, Morningstar.com, April 6, 2021.“John Lynch: Rethinking Financial Education,” The Long View Podcast, Morningstar.com, Dec. 11, 2019.“Overcoming Clients’ Behavioral Biases Using Nudges, Smart Heuristics, and Behavioral Coaching,” by Michael Kitces, kitces.com, March 24, 2021.“Separating ‘Needs’ From ‘Wants’ Could Be Harming Your Financial Planning,” by Bill Keen, keenwealthadvisors.com, June 2, 2021.Financial Wellness and Tools “5 Financial Signs to Check Your Financial Independence,” by Sarah Newcomb, Morningstar.com, Jan. 16, 2020.“What Makes People Happy?” by Carla Fried, nny360.com, April 15, 2021.“Neighbors of Lottery Winners Are More Likely to Go Bankrupt,” by Leslie Albrecht, marketwatch.com, Oct. 21, 2018.“An Innovative Way to Face Retirement,” by Emily Brandon, money.usnews.com, Jan. 14, 2103.Hal Hershfield“Is Instagram Making You Poor?” by Sarah Newcomb, psychologytoday.com, Oct. 18, 2018. “How Stories Drive Financial Behavior--and What to Do About It,” by Sarah Newcomb, Morningstar.com, Sept. 14, 2020.Pandemic“Year in Review: Pandemic Edition,” by Sarah Newcomb, investmentnews.com, Dec. 3, 2020.“Sick of Uncertainty? Read This,” by Sarah Newcomb, morningstar.com, Nov. 3, 2020.“It’s the End of the World as We Know It,” by Sarah Newcomb, investmentnews.com, Oct. 8, 2020.Behavioral FinanceDaniel KahnemanRichard ThalerGerd Gigerenzer

Our guest this week is Martin Lau. Martin is a managing partner of FSSA Investment Managers, part of First Sentier Investors. He's been at the firm since 2002 and is the lead fund manager of various FSSA strategies, including the FSSA Asian Equity Plus Fund, the FSSA China Growth Fund, and the FSSA Hong Kong Growth Fund. Martin has been in the investment business for nearly three decades and is based in Hong Kong. Morningstar's analysts have recognized Martin's achievements on a number of occasions, most recently in 2020, when they named the FSSA Hong Kong Growth Fund the winner of the Best Hong Kong Equity Fund Award. Martin earned a Bachelor of Arts degree from Cambridge University, as well as master’s degree in engineering from Cambridge. Martin is a CFA charterholder.  Background  BioFSSA Investment Managers  Morningstar Global Fund Report: FSSA Asian Equity Plus Fund Class I  FSSA China Growth Fund Class I  FSSA Hong Kong Growth Fund  Portfolio Management and Investing in China  “Some Chinese Stocks Are Starting to Look Like Bargains. Where to Look,” by Reshma Kapadia, barrons.com, July 12, 2021.  “Tencent’s Margins Are Going Down, and That’s Great News for Shareholders,” by Billy Duberstein, themotleyfool.com, May 23, 2021.  “Chinese Internet Stocks Are Riding on China’s Rising Self-Reliance and Policy Changes,” seekingalpha.com, June 13, 2021.  “Didi Global Considers Going Private to Placate China and Compensate Investors,” by Jing Yang, wsj.com, July 29, 2021.  “Factbox: From Education to Bitcoin, China’s Season of Regulatory Crackdown,” reuters.com, July 27, 2021.  “China’s New Rules Raise Risks for Private K-12 Education Companies,” fitchratings.com, June 17, 2021.  “Tap Into the World’s Fastest Growing Markets by Investing Into High Quality Companies Driving Sustainable Growth Outcomes,” by Martin Lau, fssaim.com.  Companies Mentioned in This Episode  Tesla Tencent DiDi Alibaba Group Apple Google PetroChina China Mobile Industrial and Commercial Bank of China JP Morgan Wells Fargo China Merchants Bank Kuaishou ENN Energy Holdings Limited Nike ANTA Sports Fila 

Our guest on the podcast this week is Carl Richards. Carl is a Certified Financial Planner and a Financial Advisor Communication Expert. His new venture is called The Society of Advice, which he describes as a global gathering of real financial advisors. Carl created the Sketch Guy column in The New York Times. And he is also author of two books: The One-Page Financial Plan: A Simple Way to Be Smart About Your Money and The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money. In addition, he hosts the Behavior Gap Radio podcast and also cohosts a podcast with financial planning guru Michael Kitces, called Kitces & Carl. BackgroundBioThe Society of Advice videos “Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’,” The Long View podcast, Morningstar.com, May 13, 2020.Behavior GapThe Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money by Carl RichardsThe One-Page Financial Plan: A Simple Way to Be Smart About Your Money by Carl RichardsHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest, edited by Joshua Brown and Brian Portnoy and illustrated by Carl Richards.Sketch GuyKitces & Carl PodcastReal Financial Planning“Learning to Deal With the Imposter Syndrome,” by Carl Richards, behaviorgap.com, Oct. 26, 2015.“Jason Zweig: Temperament Is Everything for Most Investors,” The Long View Podcast, Morningstar.com, June 29, 2021.“Should You Buy Bitcoin? Ask a Different Question First,” by Carl Richards, nytimes.com, Jan. 5, 2018.“The Single Most Valuable Asset Is Trust,” by Carl Richards, behaviorgap.com.“The Value of an Advisor,” by Carl Richards, behaviorgap.com.Financial Planning ProcessStart With Why: How Great Leaders Inspire Everyone to Take Action, by Simon Sinek.Bill BachrachGeorge KinderDan Sullivan, Strategic CoachRescueTime“Carl Richards on How to Simplify Your Appointment Process and Build Trust by Asking Better Questions,” Podcast with Brad Johnson, Aug. 19, 2019.The Private Client Lawyer Now and in the Future, by Russ Alan Prince.Money Decisions“How Do You Define Enough?” by Carl Richards, behaviorgap.com.“How Much Is Enough?” by Carl Richards, behaviorgap.com.“Time Off Is a Prerequisite for Good Work (Not a Reward for It): An Interview With New York Times Columnist Carl Richards,” by Jory MacKay, blog.rescuetime.com, June 7, 2018.“Sure… #CrushIt. Then Get Some Rest,” by Carl Richards, behaviorgap.com.

Our guest on the podcast today is author and financial educator, Manisha Thakor. Manisha is founder of MoneyZen, a financial education consultancy. She's also the coauthor 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.BackgroundBioMoneyZenOn My Own Two Feet: A Modern Girl’s Guide to Personal Finance, by Manisha Thakor and Sharon Kedar.Get Financially Naked: How to Talk Money With Your Honey, by Manisha Thakor and Sharon Kedar.Women in Investing/Financial Planning“The White House Report on Women: 3 Surprising Insights,” by Manisha Thakor, moneyzen.com, March 8, 2011.“Women Are Quitting: How We Can Curb the ‘She-Cession’ and Support Working Women,” by Margie Warrell, forbes.com, Jan. 26, 2021.“The 5 Most Common Mistakes Investors Make,” by Manisha Thakor, moneyzen.com, Oct. 7, 2013.“Growing Up Comfortable With Money,” by Candice Helfand-Rogers, thestoryexchange.org, June 5, 2014.Financial Wellness in Younger Generations and Couples“The Worst Financial Advice to Give to a College Grad,” by Manisha Thakor, wsj.com, June 18, 2015.“Gen X & Gen Y--Dialing Financial 911,” by Manisha Thakor, moneyzen.com, Sept. 29, 2010.“Priceless Financial Advice For Recent Graduates,” by Manisha Thakor, feminist.com.“The Math Behind a Pricey College Degree,” by Manisha Thakor, wsj.com, April 16, 2014.“Don’t Buy a Property Before Saying ‘I Do’,” by Manisha Thakor, wsj.com, Feb. 12, 2014.All Your Worth: The Ultimate Lifetime Money Plan, by Elizabeth Warren and Amelia Warren Tyagi.“What is the 50/20/30 Budget Rule?” by Eric Whiteside, Investopedia.com, Oct. 29, 2020.“The Beauty of a Budget,” by Manisha Thakor, moneyzen.com, March 18, 2013.“The Quiet Wisdom of Saving,” by Manisha Thakor, moneyzen.com, Dec. 8, 2011.“Manisha Thakor on Managing Money in Uncertain Times,” by Kathleen Harris, thecru.com, April 10, 2020.“Teresa Ghilarducci: To Fix Retirement, Expand Social Security,” The Long View Podcast, Morningstar.com, May 19, 2021.Your Money or Your Life: 9 Steps to Transforming Your Relationship With Money and Achieving Financial Independence, by Vicki Robin and Joe Dominguez.“The Marriage of Love & Money: How to Protect Yourself From Financial Heartbreak,” by Manisha Thakor, moneyzen, May 6, 2013.“How to Become a Financially Compatible Couple,” by Manisha Thakor, wsj.com, Feb. 13, 2015.Financial Advice“Finding the Right Advisor: It’s Complicated,” by Jim Pavia, cnbc.com, Jan. 15, 2015.“Reboot Your Finances: A 3-Part Workshop for Women,” with Manisha Thakor, eomega.org.EllevestBettermentXY Planning NetworkMental Health“Slow Down to Do More: ‘Enjoy Life’ With Manisha Thakor,” by Ben Ari, thriveglobal.com, April 24, 2020.“Walking the Tightrope Between Workaholism and Mental Health,” mmlafleur.com, April 5, 2019.

Our guest this week is David Herro. David is chief investment officer of international equities at Harris Associates and serves as deputy chairman and portfolio manager for a number of Oakmark funds, including Oakmark International. Prior to joining Harris Associates, David managed international portfolios for the State of Wisconsin Investment Board and the Principal Financial Group. Morningstar's analysts named David International-Stock Fund Manager of the Decade for 2000 to 2009 and International-Stock Fund Manager of the Year for 2016. He holds a bachelor's degree from the University of Wisconsin-Platteville and a master's from the University of Wisconsin-Milwaukee.BackgroundBioOakmark FundsOakmark Global InvestorOakmark Global Select Investor Oakmark International InvestorOakmark International Small Cap Investor Macro“Market-Beating Money Manager David Herro Says It’s Time to ‘Gently’ Buy Some Stocks,” by Jesse Pound, cnbc.com, March 16, 2020. “The Next Generation of Would-Be Buffetts--and the Stocks They’re Buying Now,” by Reshma Kapadia, barrons.com, May 21, 2021.“Oakmark Global Fund: Second Quarter 2021,” by David Herro, Clyde McGregor, Tony Coniaris, and Jason Long, oakmark.com, July 8, 2021.“Oakmark Global Select Fund: Second Quarter 2021,” by David Herro, William Nygren, Tony Coniaris, and Eric Liu, oakmark.com, July 8, 2021.“Oakmark International Fund: Second Quarter 2021,” by David Herro and Michael Manelli, oakmark.com, July 8, 2021.“Oakmark International Small Cap Fund: Second Quarter 2021,” by David Herro, Michael Manelli, and Justin Hance, oakmark.com, July 8, 2021.Financials“The Case for European Financials,” by David Herro, Jason Long, and Justin Hance, oakmark.com, March 24, 2020.“Investor Insight: David Herro,” Value Investor, Oct. 30, 2020.“David Herro Comments on Glencore,” by Sydnee Gatewood, gurufocus.com, July 9, 2020.“David Herro on CNBC’s ‘Closing Bell,’” oakmark.com, Jan. 1, 2021.“David Herro on ‘Squawk on the Street,’” oakmark.com, June 24, 2021. “Herro Holding Credit Suisse Slumps Amid Archegos Fallout,” by John Coumarianos, citywireusa.com, March 30, 2021.“Major Credit Suisse Investor Mulling Exit?” by Katharina Bart, finews.com, April 1, 2021.“Credit Suisse Investors Target Board Over Archegos, Greensill Failures,” by Margot Patrick, wsj.com, April 26, 2021. ESG“Danone Announces Appointment of New CEO; No Changes to Thesis and Fair Value Estimate,” by Ioannis Pontikis, Morningstar.com, May 18, 2021. “Manager Adopts Climate Measures After Investor Pressure,” Bloomberg.com, April 7, 2020.NaspersProsus Exor

Our guest on the podcast today is Leif Dahleen, who heads up the popular Physician on FIRE blog. Leif retired from his career as an anesthesiologist at age 43. Since that time, he has been blogging about his own financial independence, retire early journey, sharing early retirement and investing guidance with other professionals who might also wish to retire early. He attended the University of Minnesota for his undergraduate and medical school education, completed an internship at Gundersen Lutheran in La Crosse, Wisconsin, and finished his residency at the University of Florida.BackgroundBioPhysician on FIREEarly Retirement Lifestyle and Financial Considerations“Ramit Sethi: ‘What Is Your Rich Life?’” The Long View Podcast, Morningstar.com, Nov. 10, 2020.“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast, Morningstar.com, Oct. 14, 2020.“Tanja Hester: The Pandemic Will Stoke Interest in Early Retirement,” The Long View podcast, Morningstar.com, June 3, 2020. “Chris Mamula: What Young Retirees Need to Know,” The Long View podcast, Morningstar.com, Jan. 15, 2020. Afford AnythingThe White Coat Investor“Choose FI Over Fire,” by Leif Dahleen, physicianonfire.com.“The Most Important Factor in Retirement Withdrawal Plans,” by Leif Dahleen, physicianonfire.com.“How Early Retirement Prepared Us for the Pandemic,” by Leif Dahleen, thephysicianphilosopher.com. “How to Get Wealthy Investing in a Bear Market,” by Leif Dahleen, physicianonfire.com.“Asset Location and Making Your Money Last in Early Retirement,” by Leif Dahleen, physicianonfire.com.“Prices Are Rising. Should We Be Worried About Inflation?” by Leif Dahleen, physicianonfire.com“Social Security & Early Retirement 2021: Know Your Bend Points!” by Leif Dahleen, physicianonfire.com.“5 Reasons Why You Shouldn’t Ignore Social Security in Your Retirement Calculations,” whitecoatinvestor.com, March 30, 2021.Real Estate and Passive Income Sources “12 Passive Income Ideas for 2020 and Beyond,” by Leif Dahleen, physicianonfire.com.“My 5 Current and 3 Future Passive Income Streams,” by Leif Dahleen, physicianonfire.com.Taxes“Taxes on a Million Dollars of Earned Income,” by Leif Dahleen, physicianonfire.com.“Top 10 Ways to Lower Your Taxes,” by Leif Dahleen, physicianonfire.com.TurboTaxCharitable Giving“Pros and Cons of Donor-Advised Funds,” by Amy Arnott, Morningstar.com, May 17, 2021.“Giving Faceoff: Charitable Remainder Trust (CRT) Versus Donor Advised Fund (DAF),” by Leif Dahleen, physicianonfire.com.“A Gift on Giving Tuesday: $100 to 100 of Your Favorite Charities,” by Leif Dahleen, physicianonfire.com.“DAF Giving Tutorial From Fidelity and Vanguard Charitable,” by Leif Dahleen, physicianonfire.com.

Our guest on the podcast this week is The Wall Street Journal columnist and author Jason Zweig. Jason became a personal finance columnist for The Wall Street Journal in 2008. His weekly column, “The Intelligent Investor,” is a must-read for people inside and outside of the investment industry. Jason is also the editor of the revised edition of Benjamin Graham's The Intelligent Investor. And he is the author of Your Money and Your Brain, which explores the neuroscience of investing. He also wrote the Devil's Financial Dictionary, which is a satirical glossary of Wall Street. BackgroundBioJason’s twitter handle: @jasonzweigwsjYour Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich The Devil’s Financial DictionaryIntelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel Life and Fate by Vasily GrossmanPalace Walk: The Cairo Trilogy by Naguib MahfouzThe Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan HouselMatt Levine, Bloomberg Opinion ColumnistJesse Livermore, Philosophical EconomicsNick Maggiulli, Ritholtz Wealth ManagementMichael Batnick, Ritholtz Wealth ManagementBen Carlson, Ritholtz Wealth ManagementJoe Weisenthal, BloombergTracy Alloway, BloombergRobin Wigglesworth, Financial TimesResearch Institute: Credit Suisse Global Investment Returns, Yearbook 2021 Summary Edition Georgarakos, D. & Pasini, G. 2011. “Trust, Sociability and Stock Market Participation,” Review of Finance, Vol. 15, No. 4, P. 693. Thinking, Fast and Slow by Daniel Kahneman“Investment Policy and the Competent Stranger,” speech by Charles D. Ellis, empireclub.org, April 7, 1988.Feynman, R.P. 1974.“Cargo Cult Science,” Engineering and Science.BogleheadsInvesting“Stock Market 101: Teaching the Wrong Lessons?” by Jason Zweig, Jasonzweig.com, May 8, 2015.“How to Keep Your Cool When Markets Are Sizzling,” by Jason Zweig, wsj.com, April 23, 2021.“Why You Shouldn’t Buy Bitcoin When You’re Hungry,” by Jason Zweig, wsj.com, May 21, 2021. “You Can’t Invest Without Trading. You Can Trade Without Investing,” by Jason Zweig, wsj.com, June 18, 2021.“Robinhood Trader’s Battle Cry: ‘It’s All Just a Game to Me,' " by Jason Zweig, wsj.com, March 26, 2021. “Jason Hsu: China Is ‘the Last Great Remaining Alpha Reservoir,' " The Long View Podcast, morningstar.com, April 20, 2021.ETFs and Index Funds“The Stock Got Crushed. Then the ETFs Had to Sell,” by Jason Zweig, Jasonzweig.com, Jan. 31, 2020.“The Story Behind the Market’s Hottest Funds,” by Jason Zweig, wsj.com, Jan. 15, 2021.“ETFs: What They Are and How They Can Fit Into Your Investment Portfolio,” by Jason Zweig, wsj.com, May 20, 2021.Retirement“Jason Zweig’s Proposal to Scrap 401(k)s,” by John Rekanthaler, Morningstar.com, Feb. 26, 2019.“Wishful Thinking in a World Without Yield,” by Jason Zweig, wsj.com, June 18, 2021. “The Safe, High-Return Trade Hiding in Plain Sight,” by Jason Zweig, wsj.com, May 28, 2021.“The Funds That Make You Buy Low and Sell High,” by Jason Zweig, wsj.com, Aug. 30, 2019.Financial Advice“The Intelligent Investor: Saving Investors From Themselves,” by Jason Zweig, wsj.com, July 1, 2013.“The First Line of Investing Defense? You,” by Jason Zweig, wsj.com, March 8, 2019.“Looking for a Financial Planner? The Go-To Website Often Omits Red Flags,” by Jason Zweig and Andrea Fuller, wsj.com, July 30, 2019.“Financial Advisor Fee Trends and the Fee Compression Mirage,” by Michael Kitces, kitces.com, Feb. 8, 2021. “Want to Get Rich Quick? Who Can Stop You?” by Jason Zweig, wsj.com, May 7, 2021.

Our guest on the podcast today is former Vanguard CEO, Jack Brennan. Jack is the author of a new book, More Straight Talk on Investing, which he cowrote along with John Woerth. He is also author of Straight Talk on Investing, which was published in 2004. Jack served as the CEO of Vanguard from 1996 to 2008 and was chairman of the board from 1998 to 2009. He is now chairman emeritus and senior advisor at Vanguard. He also serves as the chairman of the board of trustees at Notre Dame University and has served on numerous corporate boards, including General Electric and American Express. He received his undergraduate degree from Dartmouth College and his MBA from Harvard Business School.   Background  Bio  More Straight Talk on Investing: Lessons For a Lifetime  Straight Talk on Investing: What You Need to Know  Current Environment  “Opinion: Former Vanguard CEO: 5 Hurdles Facing Investors Now and How to Overcome Them,” by Jack Brennan, marketwatch.com, May 1, 2021.  “Straight Talk,” by Jack Brennan, humbledollar.com, April 27, 2021.  “Vanguard’s Jack Brennan: The Best Way to Build Wealth,” Nasdaq.com, May 24, 2021.  “The Former CEO of Vanguard Has Some Surprising Views on Alternatives,” by Julie Segal, institutionalinvestor.com, April 30, 2021.  Asset Allocation and Investing  “Run Your Race: Money Wisdom From Vanguard’s Jack Brennan,” by Chris Taylor, money.usnews.com, May 19, 2021.  “5 Investing Principles That Are Built to Last,” by Jack Brennan, investornews.vanguard.com, April 12, 2021.