The Long View

Our guest on the podcast today is Joe Davis, global chief economist at Vanguard. Joe also heads up Vanguard's Investment Strategy Group, a team that conducts research on portfolio construction, develops the firm's economic and market outlook, and helps oversee Vanguard's asset-allocation strategies for both institutional and individual investors. He is also a member of the senior portfolio management team for Vanguard Fixed Income Group. He earned a doctorate in economics at Duke University.BackgroundBioAsset Bubbles“Bitcoin: Digital Gold or Fool’s Gold?” by Joe Davis, vanguard.com, March 13, 2018. “Vanguard’s Joe Davis on the State of the Markets & the Global Economy,” cnbc.com, Jan. 28, 2020.“Asset Bubbles and Where to Find Them,” by Joe Davis, vanguard.com, March 8, 2021.“Value vs. Growth: Widest Performance Gap on Record,” by Katherine Lynch, Morningstar.com, Jan. 11, 2021.The Pandemic and the Economy“Vanguard Economic and Market Outlook for 2021: Approaching the Dawn,” Vanguard Investment Strategy Group, vanguard.com, December 2020.“Vanguard Economists Discuss Their Global Outlook,” vanguard.com, July 23, 2020.“The ‘Great’ Fall and the Road to Recovery,” by Joe Davis, vanguardinstitutionalblog.com, May 1, 2020.“A Pandemic, a Vaccine, and a Sea of Ideas,” by Joe Davis, vanguardinstitutionalblog.com, Nov. 10, 2020.“The Key to Achieving COVID-19 Herd Immunity,” by Joe Davis, vanguardinstitutionalblog.com, Jan. 27, 2021.“A Timetable for Overcoming COVID-19,” by Joe Davis, vanguard.com, Feb. 1, 2021.“Vanguard’s Joe Davis Talks Healthy Economy Amid Covid,” Bloomberg, Feb. 8, 2021.Inflation“Vanguard 2020 Outlook: The New Age of Uncertainty,” by Joe Davis, vanguard.com, Nov. 18, 2019.“Inflation Prospects Amid the Pandemic,” by Andrew J. Patterson, vanguardinstitutionalblog.com, May 20, 2020.“Envisioning a Post-Pandemic Future,” by Joe Davis, vanguard.com, Sept. 1, 2020.Market Outlook“Vanguard Comes to Defense of the 60/40 Portfolio As It Forecasts Stock Market Returns for the Next Decade,” by Steve Goldstein, marketwatch.com, July 25, 2020.“A Sharp Contraction, Then an Upswing,” by Joe Davis, vanguard.com, March 22, 2020.“Why Portfolio Diversification Still Works,” by Amy Arnott, Morningstar.com, March 30, 2021.“Active Fixed Income Perspectives: Q1 2021,” by Active Fixed Income Leadership and Research Teams, vanguard.com, Jan. 28, 2021.Megatrends“Megatrends: The Future of Work,” Vanguard Research, vanguard.com.“Automation Isn’t the End of Jobs,” Interview with Christine Benz and Joe Davis, Morningstar.com, Nov. 24, 2018.“Quantifying the Future of Remote Work,” by Joe Davis, vanguard.com, Nov. 30, 2020.

Our guest this week is John Rogers, Jr. John is chairman, co-CEO, and chief investment officer of Ariel Investments, the firm he founded in 1983. John is the lead portfolio manager of the Ariel Fund and also comanages other Ariel strategies, including Ariel Small Cap Value, Small/Mid Cap Value, Mid Cap Value as well as Ariel Appreciation. John sits on several corporate boards, including the board of directors of McDonald's, Nike, and The New York Times and serves as vice chair of the University of Chicago's board of trustees. In 2008, John was given Princeton University's highest honor, the Woodrow Wilson Award, for his work in civic and philanthropic circles. John received his bachelor's degree from Princeton.BackgroundBioDEI “White House Advisor on Importance of Financial Education,” CNBC.com, April 14, 2014. Ariel Community Academy“Empowering the Next Generation of Investors Through Rapunzl,” Nasdaq.com, Nov. 12, 2020.The University of Chicago Laboratory Schools’ Diversity, Equity, and Inclusion Ariel-Schwab Black Investor Survey 2020"Chicago-Based Ariel Investments Launches 'Project Black' to Grow Minority-Owned Businesses With $200 Million From JPMorgan Chase," by Robert Channick, chicagotribune.com, Feb. 27, 2021. "Ariel Investments’ John Rogers Jr. Pushes Corporate Boards to Have Their Own 'Jackie Robinson Moment'," by Andrew Keshner, marketwatch.com, Dec. 2, 2020. ESG" 'This Is the Shareholders’ Money': Billionaire Warren Buffett Argues That Companies Should Stop Making Decisions Based on Their Social Beliefs," by Ben Winck, businessinsider.com, Jan. 2, 2020. Ariel Investments ESG Policy Nike Sustainability Initiatives McDonald’s Sustainability Initiatives Market Outlook and Value Investing“Warren Buffett Watcher Echoes Warning on Bitcoin: 'We’re Probably Near the Top of a Bubble'," by Berkeley Lovelace Jr., cnbc.com, Jan. 11, 2018.“Martijn Cremers Unveils ActiveShare.info Fund Website 2.0,” by Martijn Cremers, prnewswire.com, Sept. 15, 2020.“Bill Bernstein: We’re Starting to See All the Signs of the Bubble,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, March 10, 2021. “These 7 Value Stocks Will Benefit From an Economic Recovery,” by Reshma Kapadia, barrons.com, Feb. 28, 2021. “Ariel Investments’ John Rogers: Taking a Contrarian View to Beat Markets and Prejudice,” financialtimes.com, April 3, 2021.Stocks“A Wall Street Investment Chief Reveals How He Found Stocks at ‘Extraordinary Bargains’ at the Depths of Pandemic Crash--and Reaped Huge Returns,” by Emily Graffeo, businessinsider.com, Nov. 19, 2020. Nielsen Holdings“ViacomCBS Shares Slide 18% After Company Prices Roughly $3 Billion Offering of Equity Securities,” by Ciara Linnane, marketwatch.com, March 24, 2021. Leadership at Ariel Mellody Hobson Biography “At Ariel Investments, Mellody Hobson Gets Promoted to Co-CEO and Becomes Largest Shareholder,” by Mary Ellen Podmolik, chicagotribune.com, July 11, 2019. “Starbucks’s Mellody Hobson, the Only Black Chairwoman in S&P 500, Says ‘Civil Rights 3.0’ Is Brewing,” by Heather Haddon, wsj.com, March 13, 2021.

Our guest on the podcast today is financial educator and author Paul Merriman. He founded Merriman, a fee-only investment advisory firm, in 1983. He retired from Merriman in 2011 and started The Merriman Financial Education Foundation, which is dedicated to providing comprehensive financial education to investors. Merriman has written several books on investing. His latest released in November 2020 and is called We're Talking Millions! 12 Simple Ways To Supercharge Your Retirement. He writes a weekly column on MarketWatch, and he also hosts the weekly Sound Investing podcast.BackgroundBio BooksMarketWatch columnsSound Investing podcastsFinancial EducationThe Merriman Financial Education FoundationNext Gen Personal FinanceNGPF Documentary: The Most Important Class You Never Had, by Tim Ranzetta, ngpf.org, March 20, 2020."Opinion: My Wild Ride Owning GameStop Stock," by Paul Merriman, MarketWatch, Feb. 12, 2021.Investments "The Ultimate Buy-and-Hold Strategy," by Paul Merriman, MarketWatch, July 17, 2013."30 Reasons to Fall in Love With Index Funds," by Paul Merriman, MarketWatch, June 4, 2014."Why REITs Belong in Your Retirement Portfolio," by Paul Merriman, MarketWatch, April 1, 2015."Opinion: Here Are the two Funds you Need—Before and After Retirement," by Chris Pedersen, MarketWatch, Nov. 30, 2019."Target Date Funds and Portfolio Choice in 401(k) Plans," by Olivia S. Mitchell and Stephen P. Utkus, Wharton Pension Research Council, Jan. 9, 2020."The Lessons of Vanguard's Jack Bogle Have Helped Countless Investors—but His Picks Could Be Improved," by Paul Merriman, MarketWatch, Feb. 13, 2020.Telltale Chart, Bogleheads.org. "Paul Merriman 4 Fund Portfolio Review," OptimizedPortfolio, March 24, 2021.Retirement Decumulation"Fine-Turning Retirement Portfolio Allocations," by Paul Merriman, MarketWatch, July 31, 2013."Retire With More Money and Less Risk," by Paul Merriman, MarketWatch, April 30, 2014. "FAQs About the Merriman Target Date Portfolios," by Chris Pedersen, paulmerriman.com."How to Double Your Target-Date Retirement Fund’s Return in a Single Move," by Paul Merriman, MarketWatch, April 15, 2015."Why Target-Date Funds Are the Best Retirement Investment," by Paul Merriman, MarketWatch, Sept. 7, 2019.

Our guest this week is Ted Seides. Ted hosts the popular “Capital Allocators” podcast, where each week he interviews leaders in the investing and finance fields, including hedge fund managers, endowment chiefs, and prominent academics. Prior to launching “Capital Allocators,” Ted was a founding partner at Protégé Partners, a firm that invested in and seeded hedge funds. Ted began his career at the Yale University Investment Office before doing stints at Stonebridge Partners and J.H. Whitney & Company. Ted recently published a book reflecting on his conversations with investment leaders and experts entitled Capital Allocators: How the World's Elite Money Managers Lead and Invest. Ted earned his bachelor's degree from Yale University and his MBA from Harvard Business School. He is also a CFA charterholder.BackgroundBio“Capital Allocators”BooksOutsourcing and Complexity“Drew Dickson—Blending Behaviors and Fundamentals at Albert Bridge Capital (First Meeting, Ep. 13),” Capitalallocatorspodcast.com, Nov. 24, 2019.Thinking in Bets: Making Smarter Decisions When You Don’t Have all the Facts by Annie Duke “The Surprising Cost of Volatility,” by Ted Seides, Capitalallocatorspodcast.com, April 26, 2010.“The Future of Long-Short Equity,” by Ted Seides, cfainstitute.org, April 11, 2013.Portfolios and Investment CommitteesTed Seides’ personal portfolioHow I Invest My Money: Finance Experts Reveal How They Save, Spend, and Invest by Joshua Brown and Brian PortnoyPioneering Portfolio Management: An Unconventional Approach to Institutional Investment, by David SwensenArctos Sports Partners “Scott Malpass—The Fighting Irish’s Twelfth Man (Ep. 25),” Capitalallocatorspodcast.com, Sept. 18, 2017.“Michael Mauboussin—Consilient Observations in a Crisis (Ep. 127),” Capitalallocatorspodcast.com, March 22, 2020. 2020. 

Our guest on the podcast today is financial advisor and author Bill Schultheis. His latest book is "The Coffeehouse Investor's Ground Rules: Save, Invest, and Plan for a Life of Wealth and Happiness." His first book, published in 1998 and updated several times thereafter, is "The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life." When he is not writing books, He is a financial advisor with Soundmark Wealth Management, a firm he co-founded in 2008. He received his bachelor's degree in business at Texas A&M University.BackgroundBioThe Coffeehouse InvestorSoundmark Wealth ManagementA Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, by Burton MalkielThe Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by William DankoInvesting and Retirementh2“The Coffeehouse Portfolio: Caffeinate Your Investment Strategy,” by Candice Elliott, listenmoneymatter.com, Sept. 11, 2020. “The Coffeehouse Portfolio--2020 Update,” by blbarnitz, bogleheads.org, Jan. 2, 2021.The Dalbar Study"Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020. “On Finance: Understanding the Advantages of Index Funds,” by Bill Schultheis, 425business.com, July 17, 2017.“The Odds of Outperforming Through Active Management,” by Larry Swedroe, investorevidence.com, Feb. 24, 2021.“The Data Don’t Lie—It’s Time to Diversify,” by Bill Schultheis, 425business.com, May 9, 2018.“Twenty Years On, These Three Investing Principles Are as Important as Ever,” by Bill Schultheis, 425business.com, Dec. 11, 2019.“Autopilot Features Can Help Direct You Toward a More Comfortable Retirement,” by Bill Schultheis, 425business.com, June 4, 2019.“Don’t Get Bitten by the Popularity of FAANG Stocks,” by Bill Schultheis, 425business.com, Feb. 5, 2020. 

Our guest this week is noted author and advisor, William Bernstein. Bill’s background and entree to finance is unique--a neurologist by training, Bill taught himself the principles of investing and asset allocation, eventually parlaying that knowledge into a successful financial advisory practice and a series of influential, critically acclaimed books such as The Intelligent Asset Allocator, The Four Pillars of Investing, If You Can: How Millennials Can Get Rich Slowly, and his latest, The Delusions of Crowds.Background BioBooks“Bernstein: ‘I Don’t Think the System Needs Nudges. I Think the System Needs Dynamite,’”The Long View Podcast, May 7, 2019. Current Market EnvironmentThe Wisdom of Crowds, by James Surowiecki“A Stock Market Bubble Is Forming,” by John Rekanthaler, Morningstar.com, Oct. 20, 2020.“From 1720 to Tesla, FOMO Never Sleeps,” by Jason Zweig, wsj.com, July 17, 2020.“The 4 Pillars of Investing,” by Larissa Fernand, Morningstar.com, June 19, 2020.“4 Ways Today’s Stock Market Resembles That of the Late 1990s,” by John Rekenthaler, Morningstar.com, March 4, 2021. Inflation, Bonds, and Other Asset Classes“The Case for Minimizing Risk in Your Bond Holdings,” by William Bernstein, wsj.com, Oct. 18, 2015.Inflation, Deflation, Confiscation & Devastation--The Four Horsemen of Risk,” by Wade Pfau, forbes.com, March 4, 2020. “What if Inflation Isn’t Dead?” by John Rekenthaler, Morningstar.com, Aug. 11, 2020.Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment by David F. Swensen.“Fran Kinniry: Applying the Vanguard Approach to Private Equity,” The Long View Podcast, April 1, 2020. “What Are SPACs and Should I Care?” by David Sekera, Morningstar.com, March 2, 2021. Retirement“How to Think About Risk in Retirement,” by William Bernstein, wsj.com, Nov. 30, 2014.“Retirement Planning When You Have Enough,” by Christine Benz, Morningstar.com, Sept. 11, 2020."Of Viruses, Distressed Sales, and Stocks' 'Rightful Owners,' " by Bill Bernstein, efficient frontier.com, 2020. ETFs“No Room on the ARK?” by Ben Johnson and Bobby Blue, Morningstar.com, March 3, 2021. “Digging Into ARK Innovation’s Portfolio,” by Amy Arnott, Morningstar.com, Feb. 18, 2021. “Gerard O’Reilly: Control for the Unexpected, Focus on the Expected,” The Long View Podcast, Jan. 26, 2021. 

Our guest on the podcast today is financial advisor Meg Bartelt. She started Flow Financial Planning, a fee-only practice, geared toward providing financial guidance for women in the technology sector in 2016. Prior to starting Flow Financial, Meg worked for a fee-only Registered Investment Advisor in Virginia and was a technical writer for 10 years in the San Francisco Bay Area. She received her master's degree in financial planning from Golden Gate University, and her Bachelor of Arts in economics from Wellesley College. She is also a certified financial planner.BackgroundBioFlow Financial Planning“How to Prepare for the Surprising Costs of Motherhood,” by Stacy Rapacon, money.usnews.com, Nov. 5, 2018.Niche Marketing and Life Planning “The Who, What, and Why of Hiring a Business Coach,” by Meg Bartelt, xyplanningnetwork.com, Dec. 15, 2016.“The Efficiency Benefits of Niching From the Start to Launch an Advisory Firm,” by Michael Kitces, Kitces.com, July 23, 2018.XY Planning NetworkGrace Hopper Celebration“My Takeaways From #GHC18. And Yes They’re All About Money,” by Meg Bartelt, flowfp.com, Oct. 2, 2018.“What Can You Negotiate For? Pretty Much Anything. What SHOULD You Negotiate For?” by Meg Bartelt, flowfp.com, Jan. 20, 2021.EVOKE: A Life Planning Methodology“George Kinder: A Financial Plan Needs to Be a Life Plan,” The Long View Podcast, Morningstar.com, Jan. 20, 2021. Investments and Financial Planning“If You Work in Tech Your 401(k) Is Probably Not Enough,” by Meg Bartelt, you.women2.com, June 22, 2017.“Pay Attention to Your Employee Benefits,” by Meg Bartelt, you.women2.com, April 4, 2018.“If you Have RSUs and Your Company Just Went Public, You Miiiight Want to Check Your Tax Situation,” by Meg Bartelt, flowfp.com, May 24, 2019.“Lessons From Airbnb’s IPO,” by Meg Bartelt, flowfp.com, Dec. 21, 2020.

Our guest this week is Hamish Douglass. He is the co-founder, chairman, and chief investment officer of Magellan Financial Group, a roughly $80 billion asset-management firm with headquarters in Sydney. Among his duties, Douglass is lead manager of the Magellan Global Equity strategy, which is a concentrated portfolio of high-quality growth stocks. That strategy has been very successful since its July 2007 inception, handily beating its benchmark, the MSCI World Index, with significantly less risk. Before forming Magellan in 2006, Douglass was co-head of global banking for Deutsche Bank in Australia and New Zealand. He received his undergraduate degree from the University of New South Wales.BackgroundBioFrontier MFG Global Equity"The Essential Balance: Independent Thinker, Team Player," by Rebecca Thurlow, The Wall Street Journal, Dec. 11, 2006."Learn More About Magellan's Global Equity Strategy," Magellan, July 2019."Being a Successful Investor," by Hamish Douglass, MFG Asset Management.Investment Style and Portfolio Construction"10 Cognitive Biases That Can Lead to Investment Mistakes," by Hamish Douglass, Magellan, May 2017."Business Model Disruption Has Barely Begun," by Hamish Douglass, Firstlinks, Oct. 15, 2017."Business Model Disruption--Part 2," by Hamish Douglass, Firstlinks, Oct. 19, 2017."Passive Investing and Disruption," by Hamish Douglass, Magellan, July 2017.“13 of the best: reflections from an investor,” by Hamish Douglass, Firstlinks, July 31, 2019."Hamish Douglass' Map for Investing This Decade," by Vesna Poljak, Financial Review, Jan. 24, 2020."Hamish Douglass on What Really Matters," by Hamish Douglass and Frank Casarotti, Firstlinks, Oct. 21, 2020."What Sort of Economy Awaits on the Other Side? Hamish Douglass Shares Four Possibilities," by Vishal Teckchandani, Livewire, April 1, 2020."Magellan to Offer Low-Cost Investment Strategies," by Charlotte Grieve, The Sydney Morning Herald, Aug. 13, 2020."China's Clampdown on Jack Ma's Ant Boosts Rivals," by Sun Yu and Tom Mitchell, Financial Times, Feb. 18, 2021. 

Our guest today is Russ Kinnel‏. Russ is director of manager research for Morningstar Research Services and the longtime editor of the Morningstar FundInvestor newsletter. As part of his duties, Russ chairs the North America ratings committee that oversees and approves the Morningstar Analyst Ratings that Morningstar's manager research analysts assign to the funds they cover. A mainstay of our research efforts for years, Russ has authored a number of well-known and widely cited studies, including the annual “Mind the Gap” study of investor returns, and is frequently quoted in the financial media. Russ is a graduate of the University of Wisconsin-Madison, where he received his bachelor's degree in economics.BackgroundBioBooksAuthor Page Morningstar FundInvestor Related Articles“Environmental, Social, and Governance Investing,” Morningstar.com.“What Helen Young Hayes’ Departure Means to Janus,” by Russ Kinnel, April 21, 2003.“Lessons From the Bill Gross Saga,” by John Rekenthaler, Morningstar.com, Oct. 1, 2014.“Flows + Bloat = Headaches for Funds,” by Russ Kinnel, Morningstar.com, March 27, 2017.“Fink: BlackRock Continues to Evolve,” by Daniel Culloton, Morningstar.com, April 28, 2017.“Enhancement to Sustainability Rating Emphasizes Material ESG Risk,” by Jon Hale, Morningstar.com, Nov. 8, 2019. “Where the Medalists Are,” by Christine Benz and Russ Kinnel, Morningstar.com, Sept. 15, 2020.“The Best Fund Companies and Their Ratings,” by Russ Kinnel, Morningstar.com, Jan. 28, 2020.“Flowmageddon: Is it Time Yet?” by Russel Kinnel, Morningstar.com, July 24, 2020.“Mind the Gap: How Do Investor Returns Stack Up Against Total Returns?” by Amy C. Arnott, Morningstar.com, Aug. 18, 2020.“Can Bond Funds Grow Large More Gracefully Than Stock Funds?” by Christine Benz and Russ Kinnel, Sept. 22, 2020.“Farewell, Mutual Funds,” by John Rekenthaler, Morningstar.com, Jan. 21, 2021.“A Quick Survey of Investment Vehicles,” by Russ Kinnel, Morningstar.com, Jan. 20, 2021.

Our guest on the podcast today is The New York Times financial columnist and author Ron Lieber. His latest book is called The Price You Pay for College: An Entirely New Road Map for the Biggest Financial Decision Your Family Will Ever Make. He is also the author of The Opposite of Spoiled: Raising Kids Who Are Grounded, Generous, and Smart About Money and coauthor of Taking Time Off: Inspiring Stories of Students Who Enjoyed Successful Breaks From College and How You Can Plan Your Own. Ron has been the "Your Money" columnist for The New York Times since 2008. Before coming to The Times, he wrote the "Green Thumb" personal finance column for The Wall Street Journal and was part of the startup team at the paper's “Personal Journal” section. He attended Amherst College.BackgroundBioBooksCollege in the Pandemic“Remote Learning Is Unequal. Coronavirus Changed That--For Now,” by Jonathan Zimmerman, thephiladelphiainquirer.com, April 8, 2020.“Spelman College Faces a Redefined Reality,” by Mary Schmidt Campbell, nytimes.com, April 23, 2020.“Colleges Won’t Refund Tuition. Autumn May Force a Reckoning,” by Ron Lieber, nytimes.com, May 1, 2020.“Back to School: How the Coronavirus Could Shape the Future of Higher Education,” by Karen Wallace, Morningstar.com, Nov. 9, 2020. “Will College Tuition Go Down Because of the Pandemic?” by Norman Vanamee, townandcountrymag.com, Feb. 4, 2021.School Choice and CostWhere You Go Is Not Who You’ll Be: An Antidote to the College Admission’s Mania, by Frank Bruni, March 8, 2016. “The Price You Pay for College, 21 Important Questions to Ask,” by Ron Lieber, grownandflown.com, Jan. 23, 2021.“College Costs Are Less Terrifying Than You Think,” by Ron Lieber, nytimes.com, Jan. 28, 2021.“How to Pay for College (and Not Lose Your Shirt),” by Ron Lieber, nytimes.com, Jan, 26, 2021.“How Taking a Gap Year Can Shape Your Life,” by Ron Lieber, nytimes.com, Oct. 19, 2016.Financial Aid and Merit Aid“How to Predict Merit Aid in a Strange College Application Season,” by Ron Lieber, nytimes.com, Sept. 25, 2020.“How to Ask a College for More Financial Aid,” by Ron Lieber, nytimes.com, April 25, 2020.“What a $300,000 College Might Cost a $200,000 Family,” by Ron Lieber, nytimes.com, Oct. 3, 2020.“High School Grades Could Be Worth $100,000. Time to Tell Your Child?” by Ron Lieber, nytimes.com, Jan. 23, 2021.“FAFSA’s Expected Family Contribution Is Going Away. Good Riddance,” by Ron Lieber, nytimes.com, Jan. 4, 2021.“Inside College Merit Aid—and the Manipulative, Lucrative System That Keeps it Running,” by Ron Lieber, nbcnews.com, Feb. 4, 2021. Loans“Parent PLUS Loans: What You Need to Know,” by Kimberly Rotter and Bob Musinski, usnews.com, Feb. 7, 2020.“For Millions Deep in Student Loan Debt, Bankruptcy Is No Easy Fix,” by Ron Lieber and Tara Siegel Bernard, nytimes.com, Nov. 18, 2020.“An Invisible Cost of College: Parental Guilt,” by Ron Lieber, nytimes.com, Feb. 3, 2021.“Here’s a Guide to How Grandparents Can Help Pay for College,” by Ron Lieber, marketwatch.com, Feb. 2, 2021.