The Long View

Our guests this week are Michael Reckmeyer and Matthew Hand. Mike and Matt are managing directors at Wellington Management, where they oversee a number of prominent values investing mandates, including the stock sleeve of Vanguard Wellesley Income Fund, as well as Wellington's portion of Vanguard Equity Income Fund, among other duties. Mike's investing career began in 1984 at the State of Michigan Pension Fund, followed by eight years at Kemper Financial Services, after which he joined Wellington in 1994. He received both his bachelor's degree and MBA from the University of Wisconsin-Madison and is a CFA charterholder. Matt joined Wellington in 2004 after graduating from the University of Pennsylvania. Like Mike, Matt is also a CFA charterholder.Background Michael Reckmeyer bioMatthew Hand bioWellington Management“Four Fantastic Income Funds,” by Russell Kinnel and Christine Benz, Morningstar.com, Aug. 11, 2020 Funds Mentioned Vanguard WellingtonVanguard Wellesley IncomeVanguard Equity IncomeHartford Equity IncomeOther ReferencesJack Bogle bio“Gus Sauter: Efficient Markets Are a Good Thing,” The Long View Podcast with Christine Benz and Jeffrey Ptak, Morningstar.com, Dec. 4, 2019.“The Wildly Popular Trades Behind the Market’s Swoon and Surge,” by Gregory Zuckerman and Gunjan Banerji, wsj.com, Sept. 13, 2020Securities Mentioned in the PodcastADP https://www.morningstar.com/stocks/xnas/adp/quoteArcher-Daniels-Midland https://www.morningstar.com/stocks/xetr/adm/quoteCisco https://www.morningstar.com/stocks/xnas/csco/quoteComcast https://www.morningstar.com/stocks/xnas/cmcsa/quoteCrown Castle International https://www.morningstar.com/stocks/xnys/cci/quoteDominion Energy https://www.morningstar.com/stocks/xnys/d/quoteIntel https://www.morningstar.com/stocks/xnas/intc/quoteLockheed Martin https://www.morningstar.com/stocks/xnys/lmt/quoteMedtronic https://www.morningstar.com/stocks/xnys/mdt/quotePhilip Morris https://www.morningstar.com/stocks/xnys/pm/quoteProgressive https://www.morningstar.com/stocks/xnys/pgr/quote

Our guest this week is Karen Andersen, a healthcare strategist on Morningstar's equity research team. She has written a number of influential commentaries and analyses on the healthcare sector, with a focus on the pharmaceutical and biotechnology industries. Her most recent work has focused on the outlook for the COVID-19 pandemic, treatments for the disease, and the race for a vaccine. Before joining Morningstar in 2005, Andersen earned her bachelor's degree in biochemistry from Rice University and received her Master of Business Administration from Rice's Jones Graduate School of Business. She is a CFA charterholder.BackgroundKaren Andersen's healthcare commentaries and analysesVirus Containment and Diagnostics"COVID World Map: Tracking the Global Outbreak," The New York Times, Sept. 15, 2020. "Relaxing the Lockdown: Move Slowly, Stay Nimble," by Karen Andersen, Morningstar.com, May 12, 2020.“Slow Burn Likely Until Coronavirus Vaccines Are Widely Available," by Karen Andersen, Morningstar.com, Sept. 1, 2020."Patients Are Waiting Weeks for COVID-19 Test Results. Here's Why That's a Huge Problem," by Jamie Ducharme, Time, July 22, 2020. Contact tracing definition "Treatments for COVID-19," Harvard Health Publishing, Aug. 24, 2020. Vaccine Development and Approval"Vaccine Testing and the Approval Process," Centers for Disease Control and Prevention. "The Drug Development Process," U.S. Food and Drug Administration. "Draft Landscape of COVID-19 Candidate Vaccines," World Health Organization, Sept. 9, 2020."Potential Antiviral Drugs Under Evaluation for the Treatment of COVID-19," National Institutes of Health, Aug. 27, 2020. "A Coronavirus Vaccine, or Three, Could Be Available by Year-End," by Karen Andersen, Morningstar.com, Sept. 4, 2020."Morningstar's Guide to the Development of a Coronavirus Vaccine," by Carole Hodorowicz, July 16, 2020. "Coronavirus Vaccine Progress Accelerates," by Karen Andersen and Debbie Wang, Morningstar.com, May 13, 2020.RNA vaccine definition"Pfizer, BioNTech COVID-19 Vaccines Fast Tracked by FDA," by Anna Baran, Morningstar.com, July 13, 2020. "All Eyes on BioNTech's COVID-19 Vaccine," by Anna Baran, Morningstar.com, June 26, 2020. "AstraZeneca's Pause on Vaccine Raises Uncertainty," by Damien Conover, Morningstar.com, Sept. 9, 2020. Herd immunity definition "What if 'Herd Immunity' Is Closer Than Scientists Thought?" by Apoorva Mandavilli, The New York Times, Aug. 31, 2020. 

Our guest on the podcast is retirement specialist and author Steve Vernon. Vernon is president of Rest-of-Life Communications and a research scholar at the Stanford Center on Longevity, where he conducts and directs research on retirement planning and behavioral economics. He is also the author of several books on retirement planning, including his latest, Don't Go Broke in Retirement and Retirement Game-Changers. In addition, Vernon writes a regular column on retirement planning for Forbes. He previously helped large employers design and manage their retirement programs. Vernon retired as vice president and consulting actuary with the human resources consulting firm Watson Wyatt Worldwide and also consulted to Mercer. He graduated from the University of California at Irvine with a double major in mathematics and social science.BackgroundSteve Vernon bioStanford Center on LongevitySteve Vernon booksForbes columnThe Role of Work"The Question Many Pre-Retirees and Retirees Will Need to Answer," by Steve Vernon, Forbes, Aug. 25, 2020."Redesigning Retirement and Human Resource Programs to Support Longer Lives," by Steve Vernon, Stanford Center on Longevity, third-quarter 2019."How To Find Work (After Retirement)," by Steve Vernon, CBSNews.com, March 27, 2013."Good News for Older Workers Seeking New Careers," by Steve Vernon, CBSNews.com, April 27, 2015. Encore career definitionSocial Security Program Health"The 2020 OASDI Trustees Report," Social Security Administration, April 22, 2020."No, You Won't Lose All of Your Social "Security Benefits," by Steve Vernon, Forbes, April 22, 2020.Social Security Claiming Strategies"Boost Your Risk-Protected Retirement Income With a Social Security Bridge Payment," by Steve Vernon, Forbes, May 26, 2020."Does Delaying Social Security Really Deliver an 8% Return?" by Christine Benz, Morningstar.com, May 14, 2020."When to Take Social Security: The Complete Guide," by Amy Fontinelle, Investopedia.com, Nov. 24, 2019. "Introducing the Social Security Claiming Decision," by Wade Pfau, Retirement Researcher."How the Retirement Estimator Works," Social Security Administration.Open Social Security "How to Calculate the Break-Even Age for Taking Social Security," by Ken Moraif, Kiplinger, April 7, 2020. Retiree Investment Portfolio/Holistic Retirement Income Planning "A Portfolio Approach to Retirement Income Security," by Steve Vernon, Stanford Center on Longevity, July 2015."How Much Should Older Workers and Retirees Invest in the Stock Market?" by Steve Vernon, Forbes, March 3, 2020. "Here's a Foolproof Way To Create Retirement Income for the Rest of Your Life," by Darla Mercado, CNBC.com, June 26, 2020."Stanford Analyzed 292 Retirement Strategies to Determine the Best One--Here's How It Works," by Kathleen Elkins, CNBC.com, Aug. 6, 2019.Housing"Don't Make This Costly Retirement Planning Mistake," by Steve Vernon, Forbes, June 11, 2020."Planning Your Retirement: 10 Ways to Reduce Housing Costs," by Steve Vernon, CBSNews.com, Sept. 4, 2013."How Covid-19 Will Shape the Future of Senior Living. New Models of Care, More Aging in Place," by Reshma Kapadia, Barron's, May 29, 2020.Longevity/Mitigating Longevity Risk"Rich People Don't Just Live Longer. They Also Get More Healthy Years," by Heather Murphy, The New York Times, Jan. 16, 2020.“The Risk of Outliving Your Assets Is Real And Defending Against It Is No Small Task," by Martin Pelletier, Financial Post, June 17, 2019.

Our guest on the podcast today is Jim Dahle, also known as The White Coat Investor. A practicing board-certified emergency physician, Jim also focuses on helping other healthcare professionals get smarter about managing their money. He founded the White Coat Investor website in 2011 and it rapidly grew into the most widely read physician-specific website in the world. Jim's first book, The White Coat Investor: A Doctor's Guide to Personal Finance and Investing came out in 2014. The White Coat Investor's Financial Boot Camp: A 12 Step High-Yield Guide to Bring Your Finances Up to Speed was released in February 2019. In addition, Jim has a podcast and videocast, online courses, and runs a live conference. Jim earned his Bachelor of Science degree in molecular biology from Brigham Young University and then attended the University of Utah School of Medicine. He trained at the University of Arizona Emergency Medicine Residency Program and then served four years with the Air Force and the Navy.BackgroundJim Dahle bio The White Coat Investor Jim Dahle books WCI podcastPhysician FinancesThe Student Doctor NetworkSermo “Physician Debt and Net Worth Report 2016,” Medscape.com, April 20, 2016.  “The Physician Net Worth Rule Part 2,” by Jim Dahle, whitecoatinvestor.com, Nov. 10, 2011. “The Right Way to Use Debt in Medical School,” by Jim Dahle, whitecoatinvestor.com, Aug. 24, 2020. “Financial Burdens and Physician Burnout,” by Jimmy Turner (The Physician Philosopher), Thephysicianphilospher.com, Nov. 13, 2019. “7 Ways to Reduce Medical School Debt,” by Ken Budd, aamc.org, Oct. 9, 2018. “5 Financial Planning Tips Every Young Physician Should Know,” by Michael Winters, ama.org, May 10, 2016.The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, by Thomas J. Stanley and William D. Danko, Amazon.com, Nov. 16, 2010.Finding a Financial Advisor“How to Find a Good Financial Advisor at a Fair Price,” by Jim Dahle, whitecoatinvestor.com, March 8, 2019.“The Perfect Financial Advisor,” by Jim Dahle, whitecoatinvestor.com, May 18, 2015.“How to Tell a Good Financial Advisor From the Rest,” by Jimmy Turner (The Physician Philosopher), whitecoatinvestor.com, Aug. 10, 2019.“What you Need to Know About Financial Advisers,” by Jim Dahle, whitecoatinvestor.com. Asset Allocation and Portfolio Management“150 Portfolios Better Than Yours,” by Jim Dahle, whitecoatinvestor.com, Jan. 21, 2020.“Rules for Asset Allocation Implementation,” by Jim Dahle, whitecoatinvestor.com, Oct. 28, 2019.Bogleheads“Three-Fund Portfolio,” Bogleheads.org. The Bogleheads’ Guide to the Three-Fund Portfolio: How a Simple Portfolio of Three Total Market Index Funds Outperforms Most Investors With Less Risk, by Taylor Larimore, July 3, 2018. “Review of Bogleheads Guide to the Three Fund Portfolio,” by Jim Dahle, whitecoatinvestor.com, Aug. 3, 2018.“Top 10 Things Bogleheads Get Wrong,” by Jim Dahle, whitecoatinvestor.com, June 19, 2020.Retirement Planning“Investing in Retirement,” by Jim Dahle, whitecoatinvestor.com, July 21, 2015.The Bogleheads’ Guide to Retirement Planning, by Taylor Larimore, Mel Lindauer, Laura F. Dogu, and Richard A. Ferri, Feb. 22, 2011. “Cracking the Nest Egg--Decumulation Strategies in Retirement,” by Jim Dahle, whitecoatinvestor.com, May 30, 2014.Healthcare“Long Term Care Insurance,” by Jim Dahle, whitecoatinvestor.com, Sept. 6, 2013.“The Best Ways To Use an HSA,” by Jim Dahle, whitecoatinvestor.com, Dec. 10, 2019.“7 Reasons an HSA Should be Your Favorite Investing Account,” by Jim Dahle, whitecoatinvestor.com, Jan. 18, 2019.“The Four Keys to Health Care Reform,” by Jim Dahle, whitecoatinvestor.com, Sept. 28, 2018.

Our guest this week is Steve Romick. Steve is a portfolio manager at First Pacific Advisors, or, as it's probably better known, FPA. Steve comanages several FPA strategies, including the FPA Crescent Fund as well as the Source Capital closed-end fund. Steve joined FPA in 1996. Before that, he was chairman of Crescent Management and an analyst for Kaplan, Nathan & Co. For his work managing FPA Crescent, Steve was the recipient of the Morningstar U.S. Allocation Fund of the Year Award in 2013 and was previously a nominee for the Morningstar Fund Manager of the Decade Award. Steve earned his bachelor's in Education from Northwestern University and is a CFA charterholder.Bio and BackgroundSteve Romick and FPA team bios FPA Crescent Morningstar “Quicktake” reportFPA Crescent home page FPA Crescent Q2 2020 commentary FPA Crescent historical asset allocation FPA Crescent historical performance attribution ReferencesBerkshire Hathaway letter from the chairman; 1996 “Active Share” High-yield spreads 10-year breakeven inflation rates

Our guest on the podcast is retirement and tax expert, Ed Slott. He is president and founder of Ed Slott and Company, which provides retirement and tax planning education to investment advisors and financial institutions. Ed has written several books including the recently published Ed Slott's Retirement Decisions Guide: 2020 Edition and Fund Your Future: A Tax-Smart Savings Plan in Your 20s and 30s. PBS viewers may know Ed from his frequent appearances on public television. He also hosts the popular website irahelp.com, where The Slott Report blog regularly dispenses wisdom about retirement, tax, and estate planning. He provides a monthly Q&A column to AARP and is also a contributing columnist and media resource to Financial Planning, Financial Advisor, and InvestmentNews magazines. Ed is a certified public accountant.BackgroundEd Slott bio The Slott Report blog Books by Ed Slott Ed Slott AARP articles Ed Slott InvestmentNews articles Ed Slott Financial Planning articlesIRAs and ConversionsTax-deferred definition A Comprehensive Guide to Tax Treatment of Roth IRA Distributions Roth IRA Conversion Rules “New Tax Law Provides the Opportunity for Tax-Rate Arbitrage on Roth IRAs,” by Ed Slott, InvestmentNews, Feb. 15, 2018. “Seize the Opportunity to Convert to Roths,” by Christine Benz and Ed Slott, Morningstar.com, April 1, 2020. “Rothification?” by Sarah Brenner, Irahelp.com, Oct. 16, 2017. Backdoor Roth IRA definition“The Definitive Guide to the Back-Door Roth,” by Jeffrey Levine, Irahelp.com, Aug. 12, 2015. “Backdoor Roth IRA Conversions Alive and Well,” by Christine Benz and Ed Slott, Morningstar.com, Aug. 14, 2018. “Am I Too Old for an IRA Conversion?” by Christine Benz and Ed Slott, Aug. 21, 2018. “When IRA Conversions Don’t Add Up,” by Christine Benz, Morningstar.com, June 1, 2020. Required Minimum DistributionsRequired minimum distribution definition“The CARES Act and 2020 RMDs,” by Ian Berger, Irahelp.com, Aug. 6, 2020. “The 411 on RMDs for 2020,” by Christine Benz, Morningstar.com, April 22, 2020. “SECURE Act Targets Minimum Distribution Rules,” by Natalie Choate, Morningstar.com, Jan. 8, 2020. Charitable Giving“QCDs: Still Available in 2020 and Still a Good Strategy,” by Sarah Brenner, irahelp.com, April 20, 2020. “How Charitable Giving Is Changing in 2020,” by Christine Benz, Morningstar.com, April 20, 2020. "Morningstar’s Guide to Donor-Advised Funds," Morningstar.com, Nov. 20, 2018. Modified adjusted gross income (MAGI) definition Estate Planning“Did the SECURE Act Kill the Stretch IRA?” by Ed Slott, AARP.com, Feb. 27, 2020. “10 Things to Know about the SECURE Act’s 10-Year Rule,” by Sarah Brenner, IRAhelp.com, Feb. 26, 2020. Step-up in Basis definition Stretch IRA definition

Our guest on the podcast is Pramod Atluri. He is a fixed-income portfolio manager at Capital Group. Atluri began in the investment business more than two decades ago and has been at Capital Group since 2016. Before joining Capital Group, Atluri was a bond portfolio manager at Fidelity Investments, where he also worked as a fixed-income strategist and credit analyst. He began his career as a management consultant at McKinsey & Company. Atluri earned his bachelor's degree from the University of Chicago and his Master of Business Administration from Harvard Business School, and he is a CFA charterholder.BackgroundPramod Atluri bioAmerican Funds Bond Fund of America American Funds Income Fund of AmericaAmerican Funds American Balanced Commentary"Four Actions to Take in Bond Portfolios," by Pramod Atluri, Mike Gitlin, and Karl Zeile, Capital Group, June 17, 2020. "Answers to Your 5 Biggest Fed Rate Cut and Bond Questions," by Mike Gitlin and Pramod Atluri, Capital Group, March 17, 2020. "Fixed-Income Outlook: Meet Uncertainty With Balance," by Pramod Atluri, Mike Gitlin, and Margaret Steinbach, Capital Group, Dec. 11, 2019. Fund ManagementThe Capital System"Capital Group: Multimanager System the 'Best of Both Worlds'," by Alec Lucas and Brad Vogt, Morningstar.com, June 16, 2018. 2020 Market TurbulenceNonbank financial companies"Enormous De-Leveraging in Bond Market Smacks of Margin Calls," by Stephen Spratt, Bloomberg.com, March 19, 2020. "Treasury Bonds Sold Off as the Dow Sank Into a Bear Market. That's Not Supposed to Happen," by Alexandra Skaggs, Barron's, March 11, 2020. Role of Bonds in a Portfolio"Why Fixed Income: 4 Roles Your Bond Portfolio Should Play," by Kelly Campbell and Mike Gitlin, Capital Group, February 2019. "U.S. Fund Flows in June Cap a Wild First Half of 2020," by Tony Thomas and Nick Watson, Morningstar.com, July 17, 2020. "How the Great Inflation of the 1970s Happened," by Leslie Kramer, Investopedia, April 29, 2020. 

Our guest this week is Dr. Burton Malkiel. Dr. Malkiel is the Chemical Bank chairman's professor of economics at Princeton University. And he's also author of the widely influential investment book, "A Random Walk Down Wall Street." He's also the Chief Investment Officer at Wealthfront. He's a longtime professor in economics at Princeton, where he was also chairman of the economics department. Before that, he was the dean of the Yale School of Management, and William S. Beinecke Professor of Management Studies there from 1981 through 1988. Dr. Malkiel has served on boards of directors of several firms, including the Vanguard Group and on the investment committees of Active Investment Advisors, and the American Philosophical Society. Dr. Malkiel began his career in the investment banking department of Smith Barney & Co. He holds a BA and MBA degrees from Harvard and a PhD from Princeton University.Bio and BackgroundDr. Malkiel's bio Malkiel. B.G. 2020. “A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing” (Twelfth Edition).” (New York: W.W. Norton & Co.).Dr. Malkiel’s WealthFront blog Retirement IncomeThe 4% spending rule 10-year Treasury yieldAsset AllocationRiquier, A. 2020. "Investing legend Burton Malkiel on day-trading millennials, the end of the 60/40 portfolio and more.” MarketWatch. July 15, 2020.Wealthfront portfolio construction methodologyMalkiel, B.G. 2015. “How Much Should We Invest in Emerging Markets?” WealthFront blog; April 14, 2015.Equity ValuationCyclically adjusted price/earnings ratio Malkiel, B.G. 2020. “It’s a Good Time to Stock Up.” The Wall Street Journal; April 7, 2020. Finke, M. 2020. "The Remarkable Accuracy of CAPE as a Predictor of Returns.” Advisor Perspectives. July 20, 2020Equity risk premium data; Damodaran OnlineGlobal CAPE ratio data; Star CapitalActive/PassiveMorningstar Active/Passive Barometer Rekenthaler, J. 2018. "The Paradox of Skill.” Morningstar. Dec. 17, 2018.Factor InvestingGoldman Sachs ActiveBeta US Large-cap EquityVanguard US Multifactor ETFRisk ParityWealthFront Risk Parity ESGKinder Morgan; Morningstar analysisKinder Morgan; Sustainalytics analysis Facebook; Morningstar analysis Facebook; Sustainalytics analysis

Our guest on the podcast is Ben Inker. Ben is GMO's head of asset allocation. In that capacity, he leads GMO's asset-allocation team and is a member of the firm's board of directors. He joined GMO in 1992 after obtaining his bachelor's in economics from Yale University. Prior to assuming his current role, Ben was an analyst on GMO's quantitative equity and asset-allocation teams, a portfolio manager of various equity and asset-allocation portfolios the firm offers, co-head of international quantitative equities, and CIO of quantitative developed equities. Ben is a CFA charterholder.BackgroundBen Inker bio Ben Inker articles GMO’s Research Library GMO Global Asset AllocationAsset AllocationGMO 7-Year Asset-Class Return Forecast, 2Q 2020 “Uncertainty Has Rarely Been Higher; Oddly, Neither Has the Stock Market,” by Ben Inker and Jeremy Grantham, June 4, 2020. “Stocks Are Too Risky. What GMO’s Inker Says to Buy Instead,” by Jack Otter, Barron’s, May 24, 2020. Mean reversion definition, Investopedia.GMO Mean Reversion Strategy “GMO’s Mean Reversion Strategy Is Tested in Today’s Market,” by Bailey McCann, Institutional Investor, July 25, 2016. “60/40 Portfolios Face Double Trouble Ahead,” by Rick Friedman, GMO Insights, Feb. 26, 2020. ESG InvestingGMO’s ESG Capabilities “Climbing the ESG Learning Curve: Lessons Learned in Emerging Markets,” by Amit Bhartia, Binu George, and Hardik Shah,” GMO Insights, Nov. 4, 2019. “ESG Managers Say Pandemic Is a Stress Test That Proves Their Point,” by Alastair Marsh, Bloomberg.com, April 9, 2020. Emerging Markets“Emerging Markets: Tamed Child O’ Mine,” by Amit Bhartia, Mehak Dua, and Alvaro Pascual, GMO White Papers, July 7, 2020. “COVID-19: Risk and Resilience in Emerging Markets,” by Amit Bhartia, Tiger Tong, and Uday Tharar, GMO White Papers, April 16, 2020. “GMO: 5 Reasons to Own Emerging Market Stocks Now,” by Bernice Napach, ThinkAdvisor, July 13, 2020. “Emerging Markets Value: A Rare Ray of Sunshine from GMO’s Strategists,” by David Snowball, Mutual Fund Observer, Dec. 1, 2018. Value Investing"The Trouble with Value," by Ben Inker. “Risk and Premium: A Tale of Value,” by John Pease, GMO White Papers, July 30, 2019.“During the Coronavirus Crisis, Does Value Investing Still Make Sense?” by Robin Wigglesworth, Financial Times, May 14, 2020. "GMO Is Feeling Pain Reminiscent of the Late 1990s,” by Christine Idzelis, Institutional Investor, Oct. 10, 2019. Portfolio Construction and Strategy"How to Lose Your Job in Asset Allocation," by Jeremy Grantham and Ben Inker. GMO Benchmark-Free Allocation FundGMO Alternative Allocation Fund GMO’s Systematic Global Macro Strategy 

Our guest on the podcast is Jerome Clark. He is the portfolio manager of the asset-allocation target-date strategies and oversees the college savings plan portfolios in T. Rowe Price's multi-asset division. He's also a member of the firm's asset-allocation committee and serves on the multi-asset steering committee. Clark joined T. Rowe's fixed-income division in 1992 as a portfolio manager of the firm's U.S. Treasury Long Term Bond strategy. He began managing multi-asset portfolios in 2001. Before joining T. Rowe Price, Clark was a captain in the United States Marine Corps and a mathematics instructor at the U.S. Naval Academy. He earned his bachelor's degree in mathematics from the U.S. Naval Academy, his master's in operations research from the Naval Postgraduate School, and his Master of Business Administration from Johns Hopkins University. Clark is also a CFA charterholder. For his accomplishments during his tenure, Morningstar analysts recently named Clark the winner of the Outstanding Manager Award at the 2020 Morningstar Awards for Investing Excellence. He's slated to step down from his current role in early 2021.BackgroundJerome Clark bio "Winners of the 2020 Morningstar Awards for Investing Excellence,"  by Sarah Bush, June 22, 2020. "Meet the U.S. Winners of Our Awards for Investing Excellence," by Christine Benz and Sarah Bush, Morningstar.com, June 22, 2020. "Pioneer of Target-Date Funds Looks to the Future: Hedging and 'Tail-Risk' Strategies," by Howard Gold, MarketWatch, July 16, 2020. Target-Date FundsTarget-date fund Liability matching Pension Protection Act of 2006"The Pension Protection Act's Impact on Defined-Contribution Plans," T. Rowe Price, May 2016. "Success Story: Target-Date Fund Investors," by Jeffrey Ptak, Morningstar.com, Feb. 19, 2018. "Mind the Gap 2019," by Russel Kinnel, Morningstar.com, Aug. 15, 2019. "Brigitte Madrian: 'Inertia Can Actually Be a Helpful Thing'," Morningstar.com, April 22, 2020. Glide Paths/Asset AllocationT. Rowe Price Target-Date Glide-Path Design "Beyond Averages: A More Robust Approach to Glide-Path Design," by Lorie Latham, Zachary Rayfield, and Kathryn Farrell, T. Rowe Price, Jan. 16, 2020. "Enhancing the T. Rowe Price Glide Paths," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, February 2020. Retirement Decumulation Sequence risk "The Art and Science of Developing Retirement Income Strategies," by Jerome Clark, Kim DeDominicis, and Wyatt Lee, T. Rowe Price, 2019. Qualified default investment alternative (QDIA)Monte Carlo simulation