The Long View

Our guest on the podcast is retirement expert Jamie Hopkins, who is managing director of Carson Coaching and the director of retirement research at wealth management firm Carson Group. He's also a finance professor of practice at Creighton University's Heider College of Business. Hopkins wrote the book Rewirement: Rewiring the Way You Think About Retirement!, and he's a regular contributor to Forbes, InvestmentNews, and MarketWatch. Prior to joining Carson Group, he was with The American College of Financial Services, most recently serving as director of retirement research. He received his bachelor's degree from Davidson College, his law degree from Villanova University, and his Master of Laws from Temple University. He's also a certified financial planner, a chartered financial consultant and a chartered life underwriter. Hopkins cohosts a podcast that launched earlier this year. It's called Framework.Disclosure: CWM, LLC, an affiliate of Carson Group, licenses and/or offers products and services of Morningstar and its affiliates.BackgroundJamie Hopkins bio Jamie Hopkins' Forbes articles Jamie Hopkins' InvestmentNews articles Framework With Jamie Hopkins podcast Rewirement: Rewiring the Way You Think About RetirementThe American College of Financial Services Behavioral Coaching"How the Human-to-Human Connection Helps Facilitate Positive Behavior Change," by Derek Tharp, Kitces.com, Aug. 16, 2017. "Using Behavioral Finance Principles to Behaviorally Coach Clients to Make Better Decisions," by Jay Mooreland, Kitces.com, May 13, 2020. Your Mental Wealth, Klontz Consulting GroupShlomo Benartzi bio Save More Tomorrow "Help Clients Overcome These 3 Common Emotional Biases," by Jamie Hopkins, InvestmentNews, June 3, 2020. "The Neuroscience of Decision-Making Explained in 30 Seconds," by Christian Jarrett, Wired, March 18, 2014. "The Social Security Mistake Risk-Averse Folks Make," by Jamie Hopkins, Kiplinger's, July 9, 2019. The Pandemic's Effects on Retirement Planning and Older Workers"Jonathan Guyton: What the Crisis Means for Retirement Planning," by Christine Benz, Jeff Ptak, and Jonathan Guyton, Morningstar.com, June 16, 2020. Paychecks and Playchecks: Retirement Solutions for Life, by Tom Hegna, 2011. "4 Reasons to Work Longer," by Rebecca Koenig, U.S. News & World Report, June 1, 2018. "Working Longer and Other Ways to Optimize Retirement Income," T. Rowe Price. "The Pandemic Paradox for Older Workers," by Richard Eisenberg, NextAvenue.org, May 19, 2020. "A Coronavirus Recovery: How to Ensure Older Workers Fully Participate," by Monique Morrissey, Economic Policy Institute, April 16, 2020. "A Pandemic Problem for Older Workers: Will They Have to Retire Sooner?" by Mark Miller, The New York Times, June 26, 2020. Retirement Portfolio Planning"Cutting Interest Rates Hurts Retirees the Most," by Jamie Hopkins, Forbes, Aug. 3, 2019. "7 Ways an Interest Rate Cut From the Fed Can Impact Retirees," by Matthew Goldberg, Bankrate.com, March 15, 2020. "How's Your Bond Fund Holding Up?" by Miriam Sjoblom, Morningstar.com, March 18, 2020. "How Short-Term Bond Funds Went Wrong (Again)," by Miriam Sjoblom, Morningstar.com, July 1, 2020. "4 Ways to Manage Sequence of Returns Risk," by Jamie Hopkins, Forbes, Oct. 30, 2019. "The 4 Percent Rule Is Not Safe in a Low-Yield World," by Michael S. Finke, Wade D. Pfau, and David Blanchett, Journal of Wealth Management, Jan. 15, 2013. "Is the '4% Rule' Broken?" by Christine Benz and Wade Pfau, Morningstar.com, July 10, 2020. "Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 2006. "3 Reasons Annuities Are the Unsung Heroes of Retirement Income Planning," by Jamie Hopkins, Forbes, June 14, 2019. "Can Annuities Become a Bigger Contributor to Retirement Security?" by Martin Neil Baily and Benjamin H. Harris, Brookings, June 2019. "Fixed Index Annuities: Consider the Alternative," by Roger Ibbotson, Zebra Capital Management, January 2018. "3 Advantages of Using Fixed Indexed Annuities in Retirement," by Jamie Hopkins, InvestmentNews, Oct. 23, 2019. "Mitigating the 3 Common Conflicts of AUM Fiduciaries," by Jamie Hopkins, InvestmentNews, Jan. 10, 2020. The CARES Act and Retirement Planning "5 Ways the CARES Act Impacts Retirement Planning," by Jamie Hopkins, Forbes, April 10, 2020. "3 Roth Conversion Traps to Avoid After the SECURE Act," by Jamie Hopkins, Forbes, Jan. 21, 2020. "Why the SECURE Act Makes 2020 the Year of Missed RMDs from IRAs," by Jamie Hopkins, Forbes, Dec. 18, 2019. "How You Can 'Undo' 2020 Retirement Distributions and RMDs," by Jamie Hopkins, Forbes, May 1, 2020. "Advancing the Study of Using Future-Self Images to Alter Behavior," by Carla Fried, UCLA Anderson Review, Sept. 26, 2018. 

Our guest this week is Social Security and retirement planning expert Mary Beth Franklin. Mary Beth is president of RetirePro and a contributing editor to InvestmentNews. She's a frequent public speaker and she also has her own podcast, "Retirement Repair Shop." In addition to her deep knowledge about retirement planning, Mary Beth is a virtual encyclopedia on the ins and outs of Social Security, especially beneficial claiming strategies. Her most recent book is Maximizing Social Security Retirement Benefits: Everything You Need to Know to Get the Most Out of Complicated New Claiming Rules. Prior to joining InvestmentNews, Mary Beth was tax editor at Kiplinger’s Personal Finance and a Capitol Hill reporter at United Press International. She has also earned the Certified Financial Planner designation.BackgroundMary Beth Franklin bio  Mary Beth Franklin InvestmentNews article archive  Mary Beth Franklin on Twitter Mary Beth Franklin Retirement Repair Shop podcast Pandemic Impact on Retirement, Social Security Planning“Rethinking Retirement Amid the COVID-19 Crisis,” by Mary Beth Franklin, InvestmentNews, May 10, 2020.  “Americans Remain Confident about Their Retirement Prospects,” by Mary Beth Franklin, InvestmentNews, April 29, 2020.  Withdrawing Your Social Security Application, SSA.gov.  Suspending Your Retirement Benefits Payments, SSA.gov.  “Pandemic Prompts Some to Rethink Social Security Claiming Strategy," by Mary Beth Franklin, InvestmentNews, April 7, 2020.  “Escape Hatch for Workers Claiming Social Security Early,” by Mary Beth Franklin, Investment News, April 22, 2020.  “Taking Social Security in the Pandemic: What to Know,” by Mark Miller, The New York Times, April 17, 2020.  “Social Security Has a Quick Cash Solution,” by Mary Beth Franklin, Investment News, May 19, 2020.  “Coronavirus-Related Relief for Retirement Plans and IRAs: Questions and Answers,” IRS.gov.  “Few Use CARES Act to Tap Retirement Savings,” by Mary Beth Franklin, InvestmentNews, June 10, 2020.  “How to Fund a Social Security Delay,” by Mary Beth Franklin, Investment News, Aug. 11, 2017.  “Wade Pfau: The 4% Rule Is No Longer Safe,” by Wade Pfau, Christine Benz, and Jeff Ptak, The Long View podcast, April 29, 2020.  “Using Reverse Mortgages in a Responsible Retirement Income Plan,” by Wade Pfau, Retirement Researcher.com. “Senior-Housing Communities Face Higher Vacancy Rates Amid Coronavirus,” by Peter Grant, The Wall Street Journal, May 12, 2020.  Tax Planning and Retirement“Stimulus Package Has Helpful Provisions for Retireees,” by Mary Beth Franklin, InvestmentNews, April 1, 2020.  “RMD Rollover Relief Granted Under CARES Act,” by Jeff Stimpson, Accounting Today, June 23, 2020. “Now Is the Time to Convert Your Traditional IRA to a Roth,” by Rodney Brooks, U.S. News & World Report, April 3, 2020.Social Security Claiming“Coronavirus Is Closing Social Security Offices: Here’s How to Get Benefit Help,” by Mark Miller, The New York Times, March 17, 2020.  My Social Security  Social Security Retirement Estimator  "Your Retirement Benefit: How It’s Figured," SSA.gov.“Social Security and Survivor Benefits,” by Mary Beth Franklin, InvestmentNews, Feb. 27, 2020. “Social Security Claiming Strategies for Married Couples,” by Mary Beth Franklin, InvestmentNews, Feb. 21, 2020.  “Social Security Strategies for Singles,” by Lynnette Khalfani-Cox, AARP.org.  “Social Security Surviving Divorced Spouse Benefits,” Benefits.gov.  “Social Security Widow(er)’s Insurance Benefits," Benefits.gov.  Social Security Financial Health“Social Security Funding Still Set to Run Out in 2035,” by Mary Beth Franklin, InvestmentNews, April 22, 2020. "No, You Won't Lose All of Your Social Security Benefits," by Steve Vernon, Forbes.com, April 22, 2020. The 2020 OASDI Trustees Report

Our guest this week is personal finance columnist and author Michelle Singletary. Singletary writes the nationally syndicated column "The Color of Money," which appears in The Washington Post, as well as in dozens of other newspapers nationwide. She's also the author of three personal finance books. The most recent was called The 21-Day Financial Fast: Your Path to Financial Peace and Freedom. Singletary is a frequent guest on TV and radio, and she was host of her own national television program, "Singletary Says," on TV One. She is a graduate of the University of Maryland at College Park. She has received the Distinguished Alumni Award from Johns Hopkins University, where she earned a master's degree in business and management.BackgroundMichelle Singletary's bio and Washington Post columns Michelle Singletary's website Michelle Singletary's books Financial Impact of Pandemic"Michelle Singletary Answers Viewer Questions About Pandemic Finances," PBS NewsHour, April 30, 2020. "What Coronavirus Fears Could Mean for Personal Finance," by Audie Cornish and Michelle Singletary, NPR, March 9, 2020. "Didn't Get Your Stimulus Payment? Here's How to Find It," by Michelle Singletary, The Washington Post, June 2, 2020. Get My Payment, IRS.gov. "IRS Stimulus Checks Are Going to Dead People, While Needy Go Without," by Michelle Singletary, The Washington Post, April 21, 2020. "Stimulus Prepaid Debit Card Is Causing a Lot of Confusion," by Michelle Singletary, The Washington Post, June 1, 2020. "No, the IRS Should Not Try to Claw Back $1.4 Billion Sent to Dead People," by Michelle Singletary, The Washington Post, June 26, 2020. "The IRS Just Made It Easier to Take Out a Loan or Withdraw Money From Your Retirement Account," by Michelle Singletary, The Washington Post, June 23, 2020. “Trust Me: You Need to Start Saving Now So You Can Fly Last-Minute to Be There for Someone You Love When the Time Comes," by Michelle Singletary, The Washington Post, Nov. 9, 2019. "Rent, Mortgage, Car Loans, Utilities and Child Support. The Other Bills Can Wait," By Michelle Singletary, The Washington Post, April 4, 2020. Racial Wealth Gap"The Racial Wealth Gap in America," by Michelle Singletary, Alanna McCargo, and Michael Neal, The Washington Post, June 18, 2020. "Coronavirus Could Widen Black Wealth Gap," by Michelle Singletary, The Washington Post, June 13, 2020.  "The Black-White Economic Divide Is as Wide as It Was in 1968," by Heather Long and Andrew Van Dam, The Washington Post, June 4, 2020. "75 Must-Know Statistics About Race, Income, and Wealth," by Christine Benz, Morningstar.com, June 8, 2020. "Income and Wealth Inequality in America: 1949-2016," by Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins, Federal Reserve Bank of Minneapolis, June 14, 2018. "New Data Suggest COVID-19 is Widening Housing Disparities by Race and Income," by Solomon Greene and Alanna McCargo, Urban Institute, June 2, 2020. Diversity in Financial Services"Wall Street Says It Cares About Diversity. But Most Big Banks Won't Share Complete Workforce Data," by Renae Merle and Jena McGregor, The Washington Post, Dec. 6, 2019. "Diversity and Inclusion: Holding America's Large Banks Accountable," U.S. House Committee on Financial Services, February 2020. "Six Charts That Illustrate the Financial Advice Industry's Lack of Diversity," by John Kador, WealthManagement.com, July 19, 2017. "Three Reasons You Don't See People of Color in the Financial Services Industry—and How to Fix It," by Alessandra Malito, MarketWatch, June 23, 2020. Paying for College "Community College Should Be a First Choice, Not a Last Resort," by Michelle Singletary, The Washington Post, July 16, 2019. "The Worst Thing You Can Do for Your College-Bound Teen Is Saddle Them With Student Debt," by Michelle Singletary, The Washington Post, Nov. 16, 2019. "How to Pay for College During a Pandemic," by Michelle Singletary, The Washington Post, May 16, 2020. Budgeting"Here's One Way to Stop Living Paycheck to Paycheck," by Michelle Singletary, The Washington Post, Jan. 13, 2019. "It's Still Crucial to Budget, Even When Your Money Meets Your Needs," by Michelle Singletary, The Washington Post, June 25, 2019. "When Family and Friends in Your Social Network Lack Good Financial Judgment, Do You Butt In or Butt Out?" by Michelle Singletary, Deseret News, Oct. 23, 2019. 

Our guest this week is Mary Ellen Stanek. Mary Ellen is managing director and chief investment officer of Baird Advisors, which is the manager of the Baird family of mutual funds. Mary Ellen's career in the investment business began more than four decades ago. In her current role she oversees fixed-income strategy and portfolio management among other duties. In addition, Mary Ellen serves on the board of Baird Financial Group as president of the Baird Funds and as chair of the Baird Diversity Steering Committee. She obtained her undergraduate degree from Marquette University, her MBA from the University of Wisconsin Milwaukee, and she's a CFA charterholder. Mary Ellen was recently named one of the 100 Most Influential Women in U.S. Finance by Barron's, and Morningstar named her a finalist for Outstanding Portfolio Manager for the 2020 Morningstar Awards for Investing Excellence.BioMary Ellen Stanek and team bios Pesce, N.L. 2020. “The 100 Most Influential Women in U.S. Finance” by Nicole Lyn Pesce; Barron’s; April 10, 2020. Heine, G. 2020. “Morningstar Awards for Investing Excellence—Outstanding Portfolio Manager Nominees” Morningstar.com; June 15, 2020.Baird Bond FundsBaird Aggregate Bond Fund Baird Core Intermediate Municipal Bond Fund Baird Core Plus Bond Fund  Baird Intermediate Bond Fund  Baird Municipal Bond Fund  Baird Quality Intermediate Municipal Bond Fund Baird Short-Term Bond Fund  Baird Short-Term Municipal Bond Fund Baird Strategic Municipal Bond Fund Baird Ultra Short Bond FundMarket CommentaryBaird Advisors Fixed Income Market Commentary; May 2020 Baird Advisors Municipal Fixed Income Market Commentary; May 2020

Our guest on the podcast this week is Jonathan Guyton, principal at Cornerstone Wealth Advisors, a fee-only advisory firm in Minneapolis. In addition to his financial advice practice, Guyton has contributed valuable research in the retirement planning arena. Among his best-known pieces of research are "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?" as well as "Decision Rules and Maximum Initial Withdrawal Rates," which he coauthored with computer scientist William Klinger. He currently serves as a retirement planning columnist for the Journal of Financial Planning, and he's also an expert panelist on retirement for The Wall Street Journal and an online columnist for Time and Money.BackgroundJonathan Guyton bio Cornerstone Wealth AdvisorsCornerstone Wealth Advisors ADV Cornerstone Wealth Advisors' investment approach Jonathan Guyton articles for The Wall Street JournalRetirement Planning Amid the PandemicCornerstone Wealth Advisors' first-quarter commentary "Amid Market Chaos, Strategies for Your Retirement Savings," by Anne Tergesen, The Wall Street Journal, March 7, 2020. Retirement Withdrawal Rates"Decision Rules and Maximum Initial Withdrawal Rates," by Jonathan T. Guyton and William J. Klinger, Journal of Financial Planning, March 1, 2006. "Decision Rules and Portfolio Management for Retirees: Is the 'Safe' Initial Withdrawal Rate Too Safe?," by Jonathan T. Guyton, FPA Journal, October 2004. "The Original Retirement Spending Decision Rules," by Wade Pfau, Forbes.com, Nov. 8, 2016. "How Retirees Can Spend Enough, but Not Too Much," by Ron Lieber, The New York Times, Aug. 28, 2009. "Avoid These Mistakes With Discretionary Income in Retirement," by Jonathan T. Guyton, MarketWatch.com, March 15, 2017. "Estimating the True Cost of Retirement," by David Blanchett, Morningstar, Nov. 5, 2013. "Why David Blanchett's Retirement Spending Research Is a Big Deal," by Jonathan Guyton, Journal of Financial Planning, May 1, 2016. Tax Planning"When a Roth IRA Is a Wrong Choice," by Jonathan T. Guyton, The Wall Street Journal, May 12, 2016. "Are IRA Conversions a Good Idea Amid Volatility?" by Christine Benz and Tim Steffen, Morningstar.com, May 12, 2020. 

Our guest this week is Jonathan Stein, the founder and chief executive of Betterment. Stein founded Betterment in 2008 as an automated, goals-based investing service, and it's currently the largest of the independent robo-advisors. Betterment offers two main services--Betterment Digital, which is a pure robo-advisor, and Betterment Premium, which offers clients ongoing financial planning guidance from a Certified Financial Planner. Stein began his career consulting with banks and brokerage firms on risk and products. He's a graduate of Harvard University and Columbia Business School and holds the Chartered Financial Analyst designation. BackgroundJonathan Stein bio Betterment.com"Betterment: Jon Stein," How I Built This with Guy Raz, Oct. 26, 2018. "Jonathan Stein Built Betterment to Help Investors Make Better Decisions," by Bruce Rogers, Forbes.com, Jan. 18, 2018.The Coronavirus and Investor Behavior"Thoughts on the Volatile Market," by Jon Stein, Betterment.com, March 19, 2020."COVID-19's Impact on Investor Sentiment," Betterment.com, May 6, 2020."How Betterment's Customers Are Behaving Amid the Volatility," by Caleb Silver, Investopedia.com, April 10, 2020. "Betterment Halted Trade Amid Brexit Panic--Here's Why," by Anora Mahmudova, MarketWatch, July 1, 2016. "Coronavirus Turmoil, Free Trades Draw Newbies Into Stock Market," by Alexander Osipovich and Caitlin McCabe, The Wall Street Journal, April 29, 2020. "Americans Are Hoarding Cash: Savings Rate Hits Its Highest Level Since 1981," by Paul R. La Monica, CNN.com, April 30, 2020. Betterment's Offerings and Investment ProcessBetterment Digital vs. Premium Betterment's Cash Analysis Methodology "Are Robo-Advisors Better Than Target-Date Funds?," by Arielle O'Shea, NerdWallet. Betterment for Business"How Tax Impact Preview Works to Help Avoid Surprises," by Boris Khentov, Betterment.com, Oct. 29, 2014. "ETF Selection for Portfolio Construction: A Methodology," by Adam Grealish, Betterment.com, Aug. 27, 2014. "Value Investing: Research on the Risk and Return," by Adam Grealish, Betterment.com, Oct. 25, 2016.Future of Advice"The Fiduciary Rule Should Be Fully Implemented," by Jon Stein, Betterment.com, June 8, 2017."Will New SEC Regulations Change Anything for Retail Investors?" by Theresa W. Carey, Investopedia.com, June 8, 2019.  "The Future of Advice: Jon Stein, Betterment," March 6, 2017. “Betterment Paints It Black in Robo-Retail," by Oisin Breen, RIABiz.com, Aug. 5, 2019. 

Our guest this week is Tanja Hester, whom The New York Times referred to as the matriarch of the FIRE movement. For the uninitiated, FIRE stands for financial independence/retire early. Tanja is the author of the Our Next Life blog, and she is also author of the book Work Optional: Retire Early the Non-Penny-Pinching Way. Tanja and her husband Mark retired in 2017 at the ages of 38 and 41. Her blog is devoted to chronicling their journey and sharing guidance for others who might be considering an early retirement.BackgroundTanja Hester’s blog “Our Next Life” Tanja Hester’s bio and backstory Tanja Hester’s twitter handle @ournextlife Tanja Hester’s author/speaker page Tanja Hester’s book, “Work Optional: Retire Early the Non-Penny-Pinching Way”“For These Women, a FIRE That Burns Too Male and Too White” by Charlotte Cowles; The New York Times; June 7, 2019  Early Retirement/Sequence-of-Return Risk Tanja Hester’s writings on sequence-of-return riskKarsten Jaske’s “Early Retirement Now” blog Tanja Hester’s multi-phase retirement financial plan Savings and Withdrawal Rates“You’ve been diligently investing for retirement all these years. Why now is the time to hang onto cash” by Tanja Hester; MarketWatch; March 7, 2020Tanja Hester’s writings on savings rates Tanja Hester’s writings on mortgage pay-off Tanja Hester’s writings on 4% safe-withdrawal rule “The 4% Rule is Not Your Friend” by Tanja Hester; Our Next Life blog; June 10, 2019 Karsten Jaske’s “Safe Withdrawal Rate” series“How We Calculated Our ‘Enough’ Number for Early Retirement” by Tanja Hester; Our Next Life blog; Aug. 23, 2017 “The Best Retirement Withdrawal Strategies” by Darrow Kirkpatrick; Can I Retire Yet blog; March 9, 2016 Healthcare PlanningTanja Hester’s writings on health insurance “The Roth strategy we wish we’d built for early retirement” by Tanja Hester; MarketWatch; Jan. 29, 2020 Home Ownership and Rental PropertiesTanja Hester’s tweet on peace of mind from owning a home mortgage-free“Choosing People Over Money: The Story of Our Rental Property” by Tanja Hester; Our Next Life blog; Aug. 29, 2016 Motivation for Retiring Early“Why the Urgency?” by Tanja Hestery; Our Next Life Blog; April 8, 2015“The Privilege of Retiring When We Want, How We Want” by Tanja Hester; Our Next Life blog; Nov. 7, 2016 “My Other Motivation for Retiring Early” by Tanja Hester; Our Next Life blog; July 23, 2018 “New Life Rhythms, A Delayed Reckoning and Being Okay with Blogging Less” by Tanja Hester; Our Next Life blog; Sept. 16, 2019 Budgeting and Travel-PlanningTanja Hester’s writings on budgeting Tanja Hester’s writings on travel planningLessons Learned“What Everyone Should Know About Early Retirement” by Tanja Hester; Our Next Life blog; Sept. 12, 2018 Social Security, Medicare, and Later-Life Needs “Why We Aren’t Banking on Social Security for Our Retirement--But Why You Might” by Tanja Hester; Our Next Life Blog; Oct. 9, 2017Tanja Hester’s writings on medicare “Don’t Forget About Your Later Years” by Tanja Hester; Our Next Life blog; Aug. 16, 2017    

Our guest on the podcast is investment consultant and author Charley Ellis. In 1972, Ellis founded Greenwich Associates, an investment consultant to institutional investors, government organizations, and wealthy families. His seminal book about the benefits of passive investing, Winning the Loser's Game, is in its seventh edition. Ellis has also authored or coauthored books about investment policy and strategy, the retirement system in the United States, and large investment firms, including Goldman Sachs and Capital Group. He has taught investment management courses at the Yale School of Management and Harvard Business School and was the successor trustee of Yale University, where he chaired the university's investment committee with David Swensen. He also served on the board of directors at The Vanguard Group. Ellis was awarded the Graham & Dodd Award of Excellence from the Financial Analysts Journal and is one of only 12 people recognized by the CFA Institute for lifetime contributions to the investment profession. He received his undergraduate degree from Yale College, his Master of Business Administration from Harvard Business School, and his doctorate in financial economics at New York University.BackgroundCharley Ellis bioCharley Ellis books "The Loser's Game," by Charles D. Ellis, Financial Analysts Journal, July/August 1975. "Words From the Wise: Charley Ellis on Challenges Facing Investors," by Antti Ilmanen and Rodney N. Sullivan, AQR Insights, June 5, 2015. Passive vs. Active Management"How to Decide Where to Hire Active Managers," by Alex Bryan, Morningstar.com, April 8, 2020.Regulation Fair Disclosure (Reg FD) Jim Simons bio "Index Funds Aren't Too Big, but Asset Managers Might Be," by John Rekenthaler, Morningstar.com, Jan. 17, 2020. "The Secret History of Index Mutual Funds," by Stephen Mihm, InvestmentNews, Sept. 6, 2016. ESG Investing"David Blood and Al Gore Want to Reach the Next Generation," by Imogen Rose-Smith, Institutional Investor, Sept. 8, 2015. "The ESG Fund Universe Is Rapidly Expanding," by Jon Hale, Morningstar.com, March 19, 2020. Private Equity"Vanguard Moves into Private Equity with HarbourVest Partnership," by Chris Flood, Robin Wigglesworth, and Richard Henderson, Financial Times, Feb. 5, 2020. "The Cons (and Pros) of Vanguard's Decision to Offer Private Equity," by John Rekenthaler, Morningstar.com, Feb. 25, 2020. "Fran Kinniry: Applying the Vanguard Approach to Private Equity," by Christine Benz and Jeffrey Ptak, Morningstar's The Long View podcast, April 1, 2020. "SEC Looking to Open Private Markets to a Wider Audience,” by Hazel Bradford, Pensions & Investments, Oct. 28, 2019. David Swensen/Yale EndowmentDavid Swensen bio David Swensen books Yale University Endowment Yale's Strategy 

Our guest this week is Rick Rieder. Rieder is BlackRock's global chief investment officer of fixed income, and co-head of BlackRock's global fixed-income platform. In addition, Rieder serves as a member of BlackRock's global operating committee and is chairman of the BlackRock firm-wide Investment Council. As part of his responsibilities Rieder manages several prominent BlackRock strategies, including BlackRock Global Allocation, BlackRock Total Return, and BlackRock Strategic Income Opportunities. He's currently a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets. Before joining BlackRock in 2009, Rieder was president and CEO of R3 Capital Partners, and prior to that did a stint at Lehman Brothers. Rieder earned his Bachelor's degree in finance from Emory University and his MBA from the Wharton School of Business.BackgroundRick Rieder’s bioRick Rieder’s twitter account @rickrieder BlackRock Total Return Fund BlackRock Global Allocation FundBlackRock Strategic Income Opportunities FundMacro and Outlook BlackRock’s 2020 Global Outlook“Eight Key Investment Themes for 2020” by Rick Rieder, Russell Brownback, and Trevor Slaven; January 2020“How Large is the Coronavirus Macro Shock?” by Elga Bartsch, Jean Boivin, and Philipp Hildebrand; April 7, 2020BlackRock Global Allocation Fund Monthly Commentary; April 2020BlackRock Global Allocation Fund Special Commentary; April 2020

Our guest on the podcast is Carl Richards, who specializes in conveying sophisticated financial concepts in an easy-to-understand way--specifically, using a Sharpie. Carl is a Certified Financial Planner™ and creator of the Sketch Guy column in The New York Times. He’s 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 co-hosts a podcast with financial-planning guru Michael Kitces called “Kitces and Carl.”BackgroundCarl Richards bioCarl Richards' booksCarl Richards articlesCarl Richards “Sketch Guy” column in The New York Times Behavior Gap Radio podcastKitces and Carl podcast“12 Simple Sketches That Perfectly Illustrate the Path to Wealth and Financial Happiness,” by Libby Kane and Libertina Brandt, Business Insider, July 22, 2019.The Behavior Gap“The Behavior Gap,” by Carl Richards. Medium.com. Oct. 18, 2018.“To Avoid the Biggest Investing Mistake, Stay Strong,” by Carl Richards, The New York Times, March 26, 2013.“Yes, Numbers Matter in Financial Decisions, but So Do Emotions,” by Carl Richards, The New York Times, May 8, 2017.Articulating and Achieving Goals“Goals As Guesses,” by Carl Richards, YouTube, Jan. 16, 2018. “The Magic of a Single Micro-Action,” by Carl Richards, The New York Times, Nov. 6, 2017. “A Simple Formula for Making Dreams Come True,” by Carl Richards, Medium.com, June 28, 2018.“Hal Gregersen Interview: Asking the Right Questions,” YouTube.com, April 8, 2018. Questions Are the Answer: A Breakthrough Approach to Your Most Vexing Problems at Work and in Life, by Hal Gregersen, Harper Business, 2018. The Dan Sullivan Question, by Dan Sullivan, The Strategic Coach, 2009. “Your Future Should Be Bigger Than Your Past. Here’s How to Do It,” by Carl Richards, The New York Times, Sept. 14, 2018. “The First (and Last) Step to Financial Satisfaction? Defining ‘Enough’,” by Carl Richards, The New York Times, May 1, 2017.“Setting Aside Shame and Blame in Financial Decisions,” by Carl Richards, The New York Times, Sept. 8, 2015.“How to Talk About Money,” by Carl Richards, The New York Times, Dec. 18, 2018.“Look Inward to Determine Your Financial Values,” by Carl Richards, The New York Times, April 20, 2015. “Where Does the Time Go? You Can Find Out, If You Dare,” by Carl Richards, The New York Times, July 5, 2017.“Seeking More Fun? Examine the Returns on Your Time Investments,” by Carl Richards, The New York Times, July 10, 2017. When Things Fall Apart: Heart Advice for Difficult Times, by Pema Chodron, Shambhala, 2016.“We Are All Normal,” Meir Statman, Morningstar The Long View podcast, Oct. 30, 2019. Finance for Normal People, by Meir Statman, Oxford University Press, 2019.Thinking Fast and Slow, by Daniel Kahneman, FSG Adult, 2013. “The Benefits of Getting an Icy Start to the Day,” by Carl Richards, The New York Times, March 14, 2016.