The Long View

BackgroundBioT. Rowe Price Capital Appreciation“Morningstar Announces 2012 Fund Manager of the Year Award Winners,” by Scott Burns, Morningstar.com, Jan. 3, 2013. “Announcing Morningstar’s 2017 U.S. Fund Managers of the Year,” by Laura Pavlenko Lutton, Morningstar.com, Jan. 28, 2018“This Fund Manager Is Among the Greats,” by Leo Acheson, Morningstar.com, Dec. 2, 2020.Outlook/Forecast“2021 Global Market Outlook: Managing to the Other Side,” by David Giroux, Justin Thomson, and Mark Vaselkiv, troweprice.com, Dec. 14, 2020. “What it’s Like to Buy $9 billion in Stocks During a Market Crash—This Fund Manager Did Just That,” by Philip van Doorn, marketwatch.com, June 4, 2020.ReorganizationT. Rowe Price Investment Management Overview“Is T. Rowe’s Split a Smart Way to Handle Growth?” by Katie Rushkewicz Reichart, Morningstar.com, Nov. 19, 2020.Portfolio Construction & Stock-Picking“Why Every Growth Stock Portfolio Should be Overweight in Utilities,” by Sergei Klebnikov, forbes.com, Nov. 21, 2019.“Finding Overlooked Opportunities in the COVID-19 Market,” by David Giroux, troweprice.com, Sept. 10, 2020.“An Investor Bought Billions in Stocks When it Really Hurt,” by Tim Gray, nytimes.com, July 10, 2020.“Creativity in a Low-Yield Era,” by David Giroux and Mark Vaselkiv, troweprice.com, Jan, 21, 2020.

Our guest this week is Gerard O'Reilly. Gerard is co-CEO and chief investment officer of Dimensional Fund Advisors, an asset manager headquartered in Austin, Texas, that manages more than $600 billion using a systematic investing approach. In his role, Gerard works with his co-CEO, Dave Butler, to set the firm's vision and strategy while also overseeing its investment processes. Prior to assuming his current post, Gerard was Dimensional's head of research. In addition to serving as a Dimensional director, Gerard co-chairs the firm's Investment Research Committee and is a member of its Investment Committee. Gerard obtained his doctorate in aeronautics from the California Institute of Technology and his master's degree in high-performance computing from Trinity College, Dublin.BackgroundBio“Dimensional Eyes the Fund Sector’s Trillion-Dollar Club,” by Owen Walker, thefinancialtimes, March 31, 2019.ETF Launch “Dimensional Fund Advisors Significantly Expands ETF Offering,” dimensional.com, Nov. 17, 2020.“Dimensional Investing in an Active ETF Structure,” dimensional.com, Nov. 17, 2020.“Dimensional Funds ETFs Launch as Quant Plans to Convert Mutual Funds,” by Claire Ballentine, Bloombergquint, Nov. 19, 2020.“Why Dimensional Fund Advisors Is Converting Six of its Mutual Funds to the ETF Format,” by Lizzy Gurdus, cnbc.com, Dec. 1, 2020. Innovation, Value, and Return“Market Beaters: A Different Dimension,” by Beverly Goodman, barrons.com, Jan. 6, 2014.“3 Shades of Value,” by Daniel Sotiroff, Morningstar.com, Sept. 26, 2018.“Robert Merton on Financial Innovation,” by Robert C. Merton, dimensional.com, June 24, 2019.“The Real Reason Value Has Been Lagging Growth,” by Julie Segal, institutionalinvestor.com, Oct. 24, 2019.“Tesla’s Charge Reveals Weak Points of Indexing,” dimensional.com, Jan. 15, 2020.“Untangling Intangibles,” by Savina Rizova and Namiko Saito, dimensional.com, Sept. 28, 2020.“An Exceptional Value Premium,” dimensional.com, Oct. 5, 2020. “Securities Lending Fees as a Short-Term Driver of Stock Returns,” by Kaitlin Simpson Hendrix and Gavin Crabb, dimensional.com, Nov. 11, 2020.ESG“Sustainability Report,” dimensional.com, Dec. 31, 2020.“Burton Malkiel: ‘I Am Not a Big Fan of ESG Investing,’ ” The Long View podcast with Christine Benz and Jeff Ptak, Morningstar.com, Aug. 5, 2020.“Dimensional Finds ‘Little Evidence’ Emissions Are Linked to Expected Returns,” by Christine Idzelis, institutionalinvestor.com, Oct. 22, 2020.

Our guest on the podcast today is George Kinder. He founded the Kinder Life Institute, which trains financial professionals in the field of what's called Life Planning after a 30-year career as a practicing financial planner and tax advisor. George is also the author of several books dedicated to teaching advisors about life planning: The Seven Stages of Money Maturity, Lighting the Torch, and Life Planning for You. He was the first winner of the Financial Planning Association's Heart of Financial Planning Award, which recognizes "individuals who demonstrate commitment and passion in doing extraordinary work to contribute or give back to the financial planning community and/or the public."BackgroundBioThe Kinder Institute of Life PlanningBooksThe Genesis & Discovery Process of Life PlanningEVOKE:® A Life Planning Methodology“Psychology and Life Planning,” by George Kinder and Susan Galvan, kinderinstitute.com.“George Kinder: Three Questions About Life Planning,” by J.D. Roth, getrichslowly.org, Feb. 15, 2009.“Financial Planner Vs. Financial *Life* Planner. Which One Is the “Right One” for Me?” by Cristina Livadary, manafld.com, Jan. 24, 2020.“Kinder: Wisdom and Life Planning in the Coronavirus Era,” by George Kinder, financialplanningtoday.co.uk, April 6, 2020.Financial AdviceWebinar: “George Kinder on Work-Life Balance--Life Planning & Mindfulness,” by George Kinder, brighttalk.com, Jan. 28, 2016.Seven Stages of Money Maturity WorkshopEVOKE® 5-Day Life Planning TrainingLife Planning for You

Our guest on the podcast today is Steve Chen. Steve is the founder and CEO of NewRetirement.com, which he describes as a TurboTax for financial planning. NewRetirement advisors also offer one-on-one financial advice and coaching with certified financial planners. Prior to founding NewRetirement, Steve founded venture-backed companies in education and financial services and worked as a consultant at firms including Charles Schwab, Fidelity, and Dimensional Fund Advisors. He also hosts the NewRetirement podcast and contributes to Forbes. Steve received his Bachelor of Science in systems engineering from Boston University.Background BioNewRetirement.com Retirement Planning“Podcast: Nobel Prize Winner Robert Merton on Fixing Retirement,” by Steve Chen, newretirement.com, July 5, 2018.“The Future of Retirement Planning Is Already Here, It’s Just Not Evenly Distributed,” by Stephen Chen, soa.org, 2018.“Why Retirement Decumulation Is the New Accumulation,” by Stephen Chen, forbes.com, Sept. 30, 2019. “5 Steps to Ensure Your Money Lasts Through Retirement,” by Steve Chen, moneytalksnews.com, Jan. 6, 2021.The Pandemic & Retirement “2021: The Good, The Bad and The Ugly,” by Stephen Chen, forbes.com, Sept. 7, 2020.“Kerry Hannon: Remote Work Trend Benefits Older Workers,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 21, 2020.“The Most Dangerous Age for Retirement,” by Stephen Chen, forbes.com, Nov. 1, 2020.Spending & Withdrawal Rates“Tax-Efficient Retirement Withdrawal Strategies,” by Stephen Chen, forbes.com, Dec. 17, 2018. “5 Mistakes to Avoid When Shopping for Annuities,” by Steve Chen, newretirement.com, June 27, 2020.“5 Steps for Defining Your Retirement Drawdown Strategy,” by Steve Chen, newretirement.com, June 29, 2020.“The Pros and Cons of Annuities: How to Evaluate Annuities for Your Retirement,” by Kathleen Coxwell, newretirement.com, Sept. 15, 2020.“Karsten Jeske: Cracking the Code on Retirement Spending Rates,” The Long View Podcast with Christine Benz and Jeff Ptak, Morningstar.com, Oct. 14, 2020.Zvi BodieSocial Security & Long-Term Care“The Actual Costs of Long-Term Health Care,” by Kathleen Coxwell, newretirement.com, July 3, 2020. “Changes Coming to Social Security & Medicare: Small COLA and 6 Other New Developments for 2021,” by Kathleen Coxwell, newretirement.com, Oct. 14, 2020.“Serious Medical Crisis: Many Retirees Will Require Long-Term Care, but Few Will Be Able to Afford It,” newretirement.com.

Our guest on the podcast is Liz Ann Sonders, who is senior vice president and chief investment strategist at Charles Schwab. In her role, Sonders is responsible for conducting market and economic analysis, which she and her team publish in a variety of forms. She also regularly appears in the financial media and was recently named to the Barron's "100 Most Influential Women in Finance" list. Sonders joined Schwab in 2000, when the firm acquired her prior employer, U.S. Trust. Before that, she was a managing director and senior portfolio manager at Avatar Associates. Sonders received her bachelor's degree from the University of Delaware and her Master of Business Administration from Fordham University's Gabelli School of Business.BackgroundLiz Ann Sonders' bio Market Outlook"Schwab Market Perspective: Watching the Wheels," by Liz Ann Sonders, Jeffrey Kleintop, and Kathy Jones, Charles Schwab, Dec. 11, 2020."2021 U.S. Market Outlook: Better Days?" by Liz Ann Sonders, Charles Schwab, Nov. 30, 2020."2020 Mid-Year Outlook: U.S. Stocks and Economy," by Liz Ann Sonders, Charles Schwab, June 15, 2020."2020 U.S. Market Outlook: Ramble On? by Liz Ann Sonders, Charles Schwab."Another Tricky Day," by Liz Ann Sonders, AdvisorAnalyst.com, Aug. 11, 2020.Martin Zweig's Winning on Wall Street"What Is Don't Fight the Fed?" by Kent Thune, The Balance, July 15, 2020."Fed Aims to Help Nurse the Economy Back to Health," by Liz Ann Sonders, AdvisorAnalyst.com, April 30, 2020."The Song Remains the Same: Fed Keeps Rates/Balance Sheet Steady," by Liz Ann Sonders, Charles Schwab, Dec. 16, 2020. The Pandemic and the Future"How the U.S. Economic Stimulus Package May Affect Investors," by Schwab Center for Financial Research, March 27, 2020."Schwab's Liz Ann Sonders Puts Odds of Stimulus at Slim to None," by Jeff Benjamin, InvestmentNews, Oct. 28, 2020."Triage: Throwing Everything at the Virus," by Liz Ann Sonders, AdvisorAnalyst.com, March 24, 2020."Schwab's Sonders, Kleintop Predict Weak Start for Economy in 2021," by Jeff Berman, ThinkAdvisor, Dec. 20, 2020.

Hear some of favorite clips from conversations we had in 2020 with portfolio managers and investors in this week's episode.Here are the complete episodes that are referenced in this week’s episode.Mohamed El-Erian: 'We Did Not Prepare for Something As Severe As What We’re Facing’Rick Rieder: Nobody Has Ever Seen Anything Like ThisDan Fuss: It's Too Early to RelaxMary Ellen Stanek: Hitting for Singles and Doubles in the Bond MarketJon Stein: 'Free Trading Is Actually Going to Cost You'Burton Malkiel: 'I Am Not a Big Fan of ESG Investing'Jim Dahle: 'Income Is Not Wealth'Charley Ellis: Why Active Investing Is Still a Loser's Game Will Danoff: Succeeding at ScaleJerome Clark: 'We Tend to Become Myopic in a Bear Market'Michael Reckmeyer and Matthew Hand: How to Protect Downside Amid Lofty Valuations and Paltry Yields

On this week’s episode we’ll feature some of our favorite clips from interviews we’ve done on the topics of financial planning and retirement research.Here are the complete episodes that are referenced in this week’s episode.Michelle Singletary: ‘You Need Diversity’  Kerry Hannon: Remote Work Trend Benefits Older WorkersWade Pfau: The 4% Rule Is No Longer SafeJonathan Guyton: What the Crisis Means for Retirement PlanningJamie Hopkins: How Low Bond Yields, Recession Impact Retirement  Mary Beth Franklin: To Fix Social Security, 'Everybody Is Going to Have to Be Unhappy’  Tim Maurer: ‘Personal Finance Is More Personal Than It Is Finance’ Lazetta Rainey Braxton: ‘Financial Planning for ‘the Rest of Us’Carl Richards: ‘Let’s Focus on Being a Little Less Wrong Tomorrow’Ramit Sethi: ‘What Is Your Rich Life?’  Brian Portnoy: Balancing Returns with Simplicity, Financial Independence, and Peace of Mind

Our guest on the podcast today is personal finance expert, Jean Chatzky. She is the CEO of HerMoney.com and host of the podcast "HerMoney with Jean Chatzky." Jean has served as the financial editor of NBC's TODAY show for the past 25 years and she is also the financial ambassador for AARP. She has written several best-selling personal finance books. Her latest is Women with Money: The Judgment-Free Guide to Creating the Joyful, Less Stressed, Purposeful (and, Yes, Rich) Life You Deserve. She holds a BA in English from the University of Pennsylvania. BackgroundBioBooksHerMoneyHerMoney PodcastsThe Pandemic and Personal Finances“Should You Save More Right Now (in the Pandemic) or Pay Down Debt?” by Jean Chatzky, savvymoney.com, Dec. 8, 2020. “Four Secrets to Mastering Your Money (Even in a Pandemic),” by Jean Chatzky, hermoney.com, Nov. 6, 2020.“The Hidden Costs of Unpaid Caregiving,” by Sarah Gammage, Naziha Sultana, and Manon Mouran, imf.org, March 2019. “7 Personal Finance Concerns in These Uncertain Times--and a Plan of Action for Each,” by Jennifer Folsom, nbcnews.com, March 16, 2020.“Jean Chatzky on the Financial Challenges of Being a Caregiver,” AARP.org, March 11, 2020.Financial Education and College Funding “Financial Literacy Effectiveness & Providing Just-In-Time Training By Financial Advisors,” by Michael Kitces, kitces.com, Sept. 21, 2016.NextGenVestFrankMark KantrowitzJason Zweig“Do Schools Get an F in Financial Education?” by Jean Chatzky, jeanchatzky.com. “This Week in Your Wallet: Funding a College Education,” by Jean Chatzky, jeanchatzky.com. “6 Ways to Talk to Your Kids About Money,” by Jean Chatzky, nbcnews.com, March 6, 2019.“Are You Teaching Your Kids the Wrong Money Lessons?” by Jean Chatzky, thebalance.com, Nov. 20, 2019.Women & Money “The Real Challenge for Women Breaking the Glass Ceiling,” by Jean Chatzky, hermoney.com, Oct. 29, 2020.“Women Face Financial Challenges in Retirement That Men Just Don’t. Here’s How to Overcome Them,” by Jean Chatzky, hermoney.com, Nov. 11, 2019.“Jean Chatzky: Here’s How Women Can Take Charge of Their Money,” by Jessica Dickler, cnbc.com, March 31, 2019.Financial Advice & WellnessAlliance for Lifetime IncomeWealthramp“Jean Chatzky: The 4 Biggest Money Mistakes of My Life,” by Jean Chatzky, nbcnews.com, May 16, 2019.“Saving for a Goal,” by Jean Chatzky, savvymoney.com, May 20, 2019.Alliance for Lifetime Income“Jean Chatzky on how to Make Your Money Last After Retirement,” by Jean Chatzky, today.com, Jan. 2, 2017.“This Week in Your Wallet: The Truth About Multitasking,” by Jean Chatzky, jeanchatzky.com.

Our guest today is Simon Hallett. He is the co-chief investment officer at Harding Loevner, an investment boutique that manages more than $70 billion for individuals and institutions. Harding Loevner's specialty is global-equity investing, which it offers through its flagship International Equity and Emerging Markets strategies. In his role as co-CIO, Hallett oversees research and decision-making for the firm. Prior to joining Harding Loevner in 1991, Hallett was stationed in Hong Kong, where he did research and portfolio management stints at Kleinwort Benson and Jardine Fleming Investment Management. He's a graduate of Oxford University and a CFA charterholder. In addition to these duties, Hallett is also the chairman and majority owner of the Plymouth Argyle Football Club in Plymouth, England.BackgroundBioHarding LoevnerPlymouth Argyle Football ClubBehavioral Finance and Decision-Making"Taking the Emotion out of Investment Decisions," by Barry Ritholtz, Bloomberg, Aug. 4, 2020."Simon Hallett: Original Thought Is Overrated, Good Decisions Matter More," by Alex Steger, Citywire, Sept. 11, 2020.Prospect Theory definitionMichael Maubboussin StrategiesHarding Loevner strategiesHarding Loevner Emerging MarketsHarding Loevner International Equity Harding Loevner Global Equity 

Our guest on the podcast  is Michael Jantzi. Michael is the chief executive officer of Sustainalytics, a Morningstar affiliate that specializes in ESG and corporate governance research and ratings. Prior to forming Sustainalytics in 2009, Michael was the founder of Jantzi Research and has been active in the responsible investment field since 1990. Michael has been recognized with numerous awards for his leadership and work on sustainable investing, including the Responsible Investment Association's Lifetime Achievement Award, which he received in 2010. Michael is a director of the Tides Canada Foundation and sits on the Advisory Council of Ivy Business School's Institute for Long-Term Prosperity Through Business. He also serves as a director of the Principles for Responsible Investment, or PRI. Michael holds degrees from Western University and Dalhousie University. BackgroundBioSustainalyticsMakeWay (formerly Tides Canada Foundation)Principles for Responsible Investment (PRI)ESG EvolutionWhat is ESG?“ESG Investing Comes of Age,” by Jon Hale and Bridget Ginty, Morningstar.com, June 2020.Sustainalytics’ ESG Risk RatingsEnvironmental, Social, and Governance Investing, Morningstar.com The Value and Efficacy of ESG“The True Value of ESG Data,” by Leon Saunders Calvert, refinitiv.com, Sept. 3, 2020.“Who Cares About ESG Investing?” by Steve Wendel and Samantha Lamas, Morningstar.com, May 3, 2019.“Why ESG Matters in a Crisis,” institutionalinvestor.com, June 9, 2020.“Breaking the Tragedy of the Horizon--Climate Change and Financial Stability,” speech by Mark Carney, bankofengland.co.uk., Sept. 29, 2015.“How to Align Your Investments With the U.N. Sustainable Development Goals,” by Dan Lefkovitz, Morningstar.com, Oct. 28, 2019. ESG Ratings/Subjectivity“’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. “The Department of Labor Attempts to Throttle ESG Investing,” by John Rekenthaler, Morningstar.com, July 2, 2020.ESG Best Practices“U.S. Lags Europe on Regulation of ESG Investing,” by Joe McGrath, expertinvestoreurope.com, June 3, 2019.“Sustainable Finance Disclosure Regulation: An Industry Game-Changer,” by Anne Schoemaker, sustainalytics.com, Nov. 4, 2020.Risk/Return “ESG Investing Is About Long-Term Risk Management,” by Alex Bryan, morningstar.com, July 14, 2020.“Sustainable Funds Weather Downturns Better Than Peers,” by Tom Lauricella and Jess Liu, Morningstar.com, June 15, 2020. “COVID-19 and Beyond: Using Sustainable Finance to Build Social Resilience,” by Jonathan Laski, sustainalytics.com, April 7, 2020.